Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto-coins. Markets have popped up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and discover the possibilities of OpenSea, along with checking what NFTs you can view!
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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Ownership
The aim to create OpenSea was to offer a platform/marketplace for artists to upload their commissions without any extra costs. There are additional features that allow you to sell your artwork without any difficulties.
In terms of registration, you won’t have to worry about giving all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for the majority of transactions. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains available it is possible to choose which one you would like to transfer your NFT to as seller. This ensures the safety of your NFT as well as the people who want to buy it. All transactions will be made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to official art by an artist you admire. Anyone can sell, but it takes some time for anyone to be an established one.
There’s a huge selection of NFTs available at OpenSea and you could become a part of that! You can create your own market 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,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t exactly sure what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. The NFT is a token that is non-fungible that is exclusive and cannot be substituted. It can be an item of any rarity like mint-condition baseball trading cards or unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible item that you sell online. In simpler terms, you could just think of as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the market place, but offering it for sale. Usually, this is recognized when you have filled in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you want for it (e.g., blockchain, payment tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering the kind of NFTs you shop for here, and what you could also sell if you decide to pursue that route. The kind of NFT it is unlimited as there’s a variety of how you can go about it.
It is possible to sell digital items, trading cards game assets, domain names, and also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from other companies. There are no gas costs when you use this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on extra fees.
There aren’t many NFT marketplaces provide this feature, and it is great for you to earn a high return from your NFT collection.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets, you can receive rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you earn more cash through this action.
Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available for both iOS as well as Android. Although you aren’t able to purchase or sell things, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency through these platforms. Nft Ownership
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option to exchange for ETH which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly around an ETH blockchain, wallets with a connection to that network will be suitable for this site.
Here’s a list of various crypto wallets that 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, only mobile usage as well as the capability to purchase cryptocurrency using a credit card. Nft Ownership
To learn more about it, you can check their FAQs to see the steps you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces 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 backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its method of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Ownership
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using the platform to market NFTs due to its no gas costs and low commission fees that you have to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace and you must check it out!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year of 2018. Because its system is built on blockchain technology, it is safe to claim that your transactions are protected and secured.
Furthermore as a seller you can become verified once you’ve earned a reputation. A blue checkmark will be assigned on your account or collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared against other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site and many others to accommodate many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As mentioned before, there is definitely an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store and you can start browsing through the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and get alerts on any updates that affect 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/).