The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto currency. Marketplaces are popping up all over the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth a look.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s see the possibilities of OpenSea as well as examining 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Metro Bus
The aim to create OpenSea was to provide a platform/marketplace for artists to upload their commissions, without having to pay any additional costs. There are additional features that allow you to sell your artwork without any difficulties.
In terms of the registration process, you don’t have to give any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also functions using the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains it is possible to choose which one you would like to transfer your NFT to as an seller. This ensures the safety of your NFT and the people who want to buy it. All transactions will be made using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in 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 time before anyone can become a reputable one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you can become a part of the collection! You can create your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around for so long on internet that the majority of young people are familiar with it but not exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible token that is very unique and can’t be changed. This can be a piece of rarity like rare baseball trading cards in mint condition or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible item you’re selling on the internet. In simpler terms, you could just consider the NFT as a digital item paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling the ownership of the particular item that you posted to the market place, but offering it for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and then add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and create a collection! Fill out the proper and complete information about your NFT and then select what 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 to the internet if it’s in the 100 MB limit.
It is possible to wait and see the way transactions are handled from now to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering which kind of NFT can be found here, and what you could also sell if you choose to go down that path. The kind of NFT it can be is unlimited as there’s a variety of ways to go about it.
You could be selling digital items, trading cards games, domain names, and even physical assets! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There’s no cost for gas when you use this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you start selling because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces provide this feature, and it is a great way to earn a high return from your collection.
The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. While you’re not able to buy or sell things, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use to convert your fiat money into cryptocurrency using these platforms. Nft Metro Bus
You can convert 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!
Each of them has the option of exchange for ETH which is the primary crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built around an ETH blockchain, wallets that share this network are appropriate for the site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only, and the function to buy cryptocurrency using a credit card. Nft Metro Bus
To know more about it You can go through their FAQs for the steps you can start and what other crypto wallets are compatible 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 are available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone 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. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Metro Bus
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use the platform to market NFTs because of its zero gas fees and low commission fees you must pay.
You can browse and purchase an array of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & secure?
The short answer is yes! OpenSea is a reputable marketplace since it was established at the end of the year of 2018. Because its system is built on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed on your account or any collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How can I earn royalties on OpenSea?
As an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be quite low in comparison with the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be widely used on this site as well as numerous others to cater for many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store and you can start exploring the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications about updates to 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/).