The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto currency. Marketplaces are popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s see the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Market Down
The aim of OpenSea was to simply provide artists with a marketplace/platform to upload commissions, without having to pay any additional charges. There are additional features that allow you to sell your artwork without any issues.
In terms of the registration process, you don’t have to give all of your personal details. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for most processes. It is also based on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains available, you can choose which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT as well as those who would like to buy it. Every transaction will be conducted using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to official art from an artist you admire. Anyone can become a seller however it takes a while for anyone to become a reputable one.
There are a variety of NFTs of NFTs available at OpenSea and you could also be a part of the collection! You can create your own marketplace on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials are familiar with it but not exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a token that is non-fungible that is very individual and cannot be substituted. This can be an item of rareness like mint-condition baseball trading cards, or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could simply imagine an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling the ownership of the particular item that you have uploaded to the market place, but you’re selling it. Usually, this becomes official when you have filled in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and create a collection! Input the appropriate and complete information about your NFT and then select what type of settings you want for it (e.g., blockchain, money transfer tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how the transactions go from now on to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about the kind of NFTs be found here and what you can also sell if you choose to go down that path. The kind of NFT that you can purchase isn’t limited as there’s a variety of ways to do it.
It is possible to sell digital products, trading cards, game assets, domain names, and even physical assets! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t need to spend on extra fees.
Very few NFT marketplaces provide this feature, which is why this is great for you to earn a high return from your collection.
This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to make more money through this action.
Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. You can’t buy or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use to exchange your fiat money for cryptocurrency through these platforms. Nft Market Down
You can exchange the fiat currency you have with a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
All of these have the option to exchange for ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than other. Since it is built using an ETH blockchain, any wallets with a connection to this network are appropriate for the site.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage, and the function to purchase cryptocurrency with the credit card. Nft Market Down
To learn more about it You can go through their FAQs to see a rundown of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Market Down
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as their form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace and you must check it out!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded in 2018. Because its system is built on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark is placed next to your account or any collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison with the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been frequently used on this site and many others to accommodate the increasing number of cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier There is an official mobile app by OpenSea for both iOS and Android. You can download it through their app store, and you can start exploring the collection now!
The desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts as well as receive notifications about updates to 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/).