Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto coins. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Physical Art
The aim to create OpenSea was to simply provide a platform/marketplace for artists to upload their commissions without any extra fees. It also has additional functions that let you sell your art without too many issues.
For the registration process, you don’t have to provide 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 going through many hassles when you enter into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also operates using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains that are available, you can choose which one you’d like to transfer your NFT to as a seller. This is to ensure the security of your NFT, along with the people who want to purchase it. Every transaction will be conducted using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name, to a piece of art by an artist you admire. Anyone can sell however it takes a while before anyone can become an established seller.
There’s a huge selection in the collection on OpenSea, and you can join in with the collection! You can start your own personal market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency 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 actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible currency that is very individual and cannot be substituted. It could be an item of any rarity like rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible object that you can sell on the internet. In simpler terms, you could just think of as an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling ownership over that particular token/item that you have uploaded to the market place, but putting it up for sale. Typically, this is official when you have filled in the correct information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and then creating a collection to start! 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 and payment tokens). After that you are able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how transactions progress from here on out to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering the kind of NFTs can be found here and what you can also sell if you choose to pursue that route. The type of NFT it can be is indefinite since there’s a broad range of ways to go about it.
It is possible to sell trade cards, digital goods games domain names, also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the other options. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t need to spend on additional fees.
Not many NFT marketplaces have this feature, which is why this can be a fantastic way to earn a high return from your portfolio.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer rewards by referring a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to earn more cash by this method.
Other NFT marketplaces don’t offer the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps of OpenSea are available on both iOS in addition to Android. While you’re not able to buy or sell things, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency through these platforms. Nft Physical Art
You can swap your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option to exchange for ETH which is the most common cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Since it is built using an ETH blockchain, wallets that share that network will be suitable for this site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage as well as the capability to buy cryptocurrency using the credit card. Nft Physical Art
To learn more about it You can go through their FAQs to get an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Available as mobile apps for 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 market and NFTs.
- Allows royalties 10% for artists (low royalty).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Physical Art
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero gas costs and the low commission rate that you have to pay.
You can shop and browse an array of digital items on the NFT marketplace and you must take a look!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year of 2018. Since the system it operates on is based on a blockchain, it is safe to 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 to your account or any collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are secure.
How can I earn royalties on OpenSea?
As an artist, you’ll get only 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be widely used on this site and numerous others to cater for the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. 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 previously mentioned, there is definitely an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store, and begin exploring the collection now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and get notifications about updates to 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/).