Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s explore what you can do with OpenSea and also see the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Media
The purpose of OpenSea was to simply provide an online marketplace for artists to upload their commissions with no additional charges. It has more functions that let you sell your artwork without any difficulties.
For registration, you don’t need to provide too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It is also based using the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains available you can pick which one you’d like to transfer your NFT to as an seller. This will 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 to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name, to a piece of art by an artist you admire. Anyone can be a seller however it takes a while for anyone to become an established one.
There is a wide variety in the collection at OpenSea, and you can become a part of that! You can set up your own personal market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”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 have heard of it but not exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token that is very exclusive and cannot be changed. It can be an item of any rarity like authentic baseball cards or rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you can sell online. It is simpler to simply imagine an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You are calling the owner of the item or token that you posted to the market place, but putting it up for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then create a collection! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain or payment tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe the way transactions are handled from now to determine if 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 can you shop for here, and what you could sell should you decide to go that route. The kind of NFT it can be isn’t limited since there’s a broad range of how you can approach it.
You can be selling trade cards, digital goods, game assets, domain names, and also physical goods! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the others. There are no gas costs when you use this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t need to spend on additional fees.
Very few NFT marketplaces offer this feature, and it can be a fantastic way to earn a high return from your collection.
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t have this kind of feature either and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps of OpenSea are available on both iOS and Android. Even though you can’t buy or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Media
You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option of converting them into ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly on an ETH blockchain, wallets that share that network will be suitable for this site.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage and the ability to purchase cryptocurrency with the credit card. Nft Media
To learn more about it to learn more, check out their FAQs to get the steps you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with 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 can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its method of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Media
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s a great platform for artists using for selling NFTs due to its low gas costs and low commission fee rate which you are required to pay.
You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned to your account or the collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison against others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is widely used on this site and other sites to provide more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile app by OpenSea available for both iOS as well as Android. Install it from their app store, and then you can begin browsing through the collection right now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and get notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).