Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s explore what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Panel
The goal to create OpenSea was to offer an online marketplace for artists to upload commissions without any extra charges. It has more functions which allow you to market your work without having to deal with many issues.
For registration, you won’t have to worry about giving too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency used within 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 for the majority of transactions. It also operates with the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains that are available you can pick which one you’d like to publish your NFT as a seller. This ensures the safety of your NFT and the people who want to purchase it. All transactions are made by using the blockchain, which is why you need to consider 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 for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist that you admire. Anyone can become a seller however, it takes time before anyone can become an established seller.
There’s a huge selection of NFTs available at OpenSea, and you can become a part of that! You can set up your own personal 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 market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. The NFT is a token that is non-fungible that is very individual and cannot be changed. It can be a piece of rareness, such as mint-condition baseball trading cards or unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible item that you sell on the internet. In simpler terms, you could simply consider the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. It is a way of claiming 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 all the necessary information about the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and create a collection! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain, money transfer tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how transactions progress from now to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about the kind of NFTs be purchased here and what you can also sell if you choose to go that route. The type of NFT it is unlimited as there’s a variety of ways to approach it.
You can be selling digital products, trading cards 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
The Collection Manager features is one of the things that separates OpenSea from the others. There are zero gas fees for using this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on any additional charges.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency through these platforms. Nft Panel
You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option of exchange for ETH, which is the primary crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built mainly using the ETH blockchain, all wallets which are part of this network are appropriate for the site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage and the ability to purchase cryptocurrency with credit cards. Nft Panel
To learn more about it to learn more, check out their FAQs to see a rundown of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Panel
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists using it to sell NFTs due to its no gas fees and low commission fee rate you must pay.
You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year 2018. Since the system it operates on is built on blockchain technology that is secure, you can declare that transactions are safe and secure.
Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison against others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be widely used on this site and many others to accommodate many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before there’s an official mobile app by OpenSea available for both iOS as well as Android. Download it at their respective app store and then you can begin exploring the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and get 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/).