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 internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re interested in crypto you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Meaning
The purpose to create OpenSea was to offer an online marketplace for artists to upload their commissions with no additional costs. There are additional features that allow you to sell your artwork without any issues.
When it comes to registration, you won’t have to worry about giving too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It is also based using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains, you can choose which one you want to upload your NFT on as an seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions will be made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist you admire. Anyone can become a seller however, it takes time before anyone can become an established one.
There are a variety of NFTs of NFTs available on OpenSea, and you can become a part of this! 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 industry the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible token that is very unique and can’t be substituted. It could be an item of rareness like mint-condition baseball trading cards or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible object that you sell on the internet. It is simpler to simply think of the NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling the owner of the item or token you uploaded on the marketplace, and putting it up for sale. Typically, this is official once you fill out the proper information regarding the NFT and finally add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and then creating a collection to start! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain and money transfer tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from now to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself which kind of NFT can be purchased here, and what you could sell should you decide to go down that path. The type of NFT it is indefinite as there’s a variety of how you can approach it.
You could be selling trade cards, digital goods game assets domain names, some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from the other options. There are no gas costs when you use this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, and it is a great way to receive high profit from your collection.
The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer benefits by referring someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which allows you to earn more money from this act.
Other NFT marketplaces do not have this feature This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available on both iOS in addition to Android. While you’re not able to buy or sell things, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can convert your fiat money into cryptocurrency through these platforms. Nft Meaning
You can swap the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
All of them have the option of exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than others. Since it is built mainly on an ETH blockchain, all wallets that share this network are appropriate for this site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency with a credit card. Nft Meaning
To learn more about it, you can check their FAQs to get an overview of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS or 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 up to 10% for artists (low royalties).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, 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 Meaning
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs because of its zero cost of gas and low commission fee rate that you have to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established in the year 2018. Because its system is built on a blockchain that is secure, you can declare that transactions are protected and secured.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned on your account or any collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are safe.
How do I earn royalties from OpenSea?
As an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison with the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be widely used on this site and numerous others to cater for the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As mentioned before There is an official mobile app from OpenSea available for both iOS and Android. You can download it through their app store, and you can start exploring the collection now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).