The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s explore the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Magazine
The goal of OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional fees. It also has additional functions that allow you to sell your work without having to deal with many problems.
In terms of the registration process, you don’t have to provide too many details about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for the majority of transactions. It is also based with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains that are available it is possible to choose which one you want to upload your NFT on as an seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions are made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name, to a piece of art by an artist you admire. Anyone can become a seller, but it takes some time for anyone to become an established seller.
There are a variety of NFTs from the selection on OpenSea and you can also be a part of that! You can set up your own market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can buy can be an NFT. A NFT is a token that is non-fungible that is unique and can’t be substituted. It could be an item of rareness like rare baseball trading cards in mint condition or rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible item you’re selling on the internet. More straightforwardly, you can just imagine an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the ownership of the particular item you uploaded on the marketplace, and you’re selling it. Usually, this is recognized after you fill in the correct information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and then making a collection to begin! Complete the correct and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g. blockchain or money transfer tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to see if OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering the kind of NFTs can you shop for here and what kind of NFTs you can sell should you decide to pursue that route. The type of NFT it can be is indefinite since there’s a broad range of ways to approach it.
It is possible to sell digital items, trading cards games domain names, even physical assets! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the other options. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t need to spend on any additional charges.
Very few NFT marketplaces offer this feature, so this is a great way to make a huge profit from your collection.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets that offer rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, letting you make more money by this method.
Other NFT marketplaces don’t offer this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also exchange your fiat money for cryptocurrency through these platforms. Nft Magazine
You can convert your fiat money via the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
All of them have the option of converting them into ETH, which is the most common cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built on an ETH blockchain, all wallets which are part of that network will be suitable for the site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency with a credit card. Nft Magazine
For more information about the service, you can check their FAQs for the steps you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Magazine
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists who use the platform to market NFTs because of its zero cost of gas and the low commission rate you must pay.
You can browse and purchase an array of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea real and secure?
Answer: Yes! OpenSea has been a trusted marketplace since its inception in 2018. Because its system is based on a blockchain that is secure, you can say that your transactions are safe and secure.
Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark is placed to your account or collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are secure.
How do I earn royalties on OpenSea?
As an artist, you will be paid only 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is widely used on this site as well as other sites to provide many more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile app from OpenSea for both iOS or Android. You can download it through their app store and you can start exploring the collection now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).