The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re familiar with 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 security and quick transactions.
Now hop aboard, and discover 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. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Online
The goal of OpenSea was to provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. It has more functions that allow you to sell your artwork without any issues.
When it comes to registration, you won’t have to provide all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It is also based with the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains that are available, you can choose which one you want to publish your NFT as a seller. This is to ensure the security of your NFT and the people who want to buy it. All transactions are made by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is 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 the simplest domain name to an official artwork from an artist that you admire. Anyone can sell however it takes time for anyone to be a reputable one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you could become a part of this! You can set up your own marketplace on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but not exactly sure what it means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token that is exclusive and cannot be changed. It can be an item of any rareness like mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you can sell online. In simpler terms, you could simply consider an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the owner of the item or token that you have uploaded to the marketplace, and putting it up for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and then making a collection to begin! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain, payment tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from now on to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering which kind of NFT can be purchased here, and what you could also sell if you choose to pursue that route. The type of NFT that you can purchase is indefinite as there’s a variety of how you can approach it.
It is possible to sell digital items, trading cards game assets domain names, 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 differentiates OpenSea from the other options. There’s no cost for gas when you utilize this feature when you create and market NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, and it is great for you to earn a high return from your collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which allows you to make more money by this method.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use You can also exchange your fiat money for cryptocurrency using these platforms. Nft Online
You can exchange your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of them have the option to exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than others. Since it is built on the ETH blockchain, all wallets with a connection to this network are appropriate for this site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only and the ability to purchase cryptocurrency using a credit card. Nft Online
For more information about the service to learn more, check out their FAQs for the steps you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has crypto coins 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’s no extra charge for it.
Frequently Asked Questions Nft Online
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online and receive cryptocurrency as a method of payment. It’s a great option for artists who want to use for selling NFTs due to its low cost of gas and low commission fee rate which you are required to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Since the system it operates on is built on blockchain technology, it is safe to say that your transactions are safe and secure.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned on your account or collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared to other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is commonly used on this site as well as many others to accommodate more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier there’s an official mobile app by OpenSea for both iOS as well as Android. You can download it through their app store, and you can start exploring the collection now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).