The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto-coins. Markets have popped up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Network Firstrowsports
The aim for OpenSea was to simply provide a platform/marketplace for artists to upload their commissions with no additional charges. There are additional features that let you sell your artwork without any issues.
When it comes to registration, you won’t have to provide any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates using the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains available you can pick which one you’d like to upload your NFT on as seller. This ensures the safety of your NFT and the people who want to purchase it. Every transaction will be conducted along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to official art by an artist you admire. Anyone can be a seller, but it takes time for anyone to be a reputable one.
There are a variety of NFTs from the selection at OpenSea, and you can also be a part of this! You can start your own market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto market the term “NFT” has been going around for so long on internet that many millennials have heard of it but not exactly sure what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible that is unique and can’t be replaced. It could be an item of rareness like authentic baseball cards or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible item you’re selling on the internet. More straightforwardly, you can just think of as an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. It is a way of claiming ownership over that particular token/item that you posted to the market place, but you’re selling it. Usually, this becomes official after you fill in the correct information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and simply making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain and money transfer tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how transactions progress from now on to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about which kind of NFT can be purchased here and what you can also sell if you choose to go that route. The kind of NFT it can be isn’t limited as there’s a variety of options for how to approach it.
You could be selling digital products, trading cards games, domain names, and even physical assets! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from other companies. There are no gas costs when you utilize this feature to mint and sell NFTs. This means you’ll get the most profit when you sell because you won’t need to spend on any additional charges.
Very few NFT marketplaces offer this feature, and it is a great way to receive high profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, which means you can make more money from this act.
Other NFT marketplaces don’t offer this kind of feature either This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS and Android. Even though you can’t buy or sell things, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency using these platforms. Nft Network Firstrowsports
You can swap your fiat money via your credit or debit card as well as 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 standard cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than other. Because it is based on the ETH blockchain, any wallets which are part of the same network are suitable for this website.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. Nft Network Firstrowsports
To learn more about it, you can check their FAQs for an overview of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Network Firstrowsports
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use for selling NFTs due to its no gas costs and low commission fees that you have to pay.
You can browse and shop for an array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year of 2018. Since its system is based on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
Additionally as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned next to your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How can I earn royalties on OpenSea?
As an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared to other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and numerous others to cater for more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store, and then you can begin exploring the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and get alerts on any updates that affect 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/).