Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Pollution
The purpose for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions, without having to pay any additional charges. It also has additional functions that let you sell your artwork without any difficulties.
In terms of registration, you won’t have to provide too many details about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This 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 on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains available you can pick which one you want to publish your NFT as a seller. This will ensure the security of your NFT and the people who want to buy 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 like an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to official art by an artist you admire. Anyone can become a seller however, it takes a while before anyone can become a reputable one.
There’s a huge selection of NFTs available at OpenSea, and you can also be a part of that! You can create your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people have heard of it but not exactly sure what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can buy includes an NFT. The NFT is a token that is non-fungible which is extremely unique and can’t be substituted. It can be an item of any rareness like authentic baseball cards or a rare vinyl record.
There is 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 the NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling the ownership of the particular item you uploaded on the market place, but you’re selling it. Typically, this is official once you fill out the correct information about the NFT and finally submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and simply making a collection to begin! Input the appropriate and complete information about your NFT and select the type of settings you’d like for it (e.g. blockchain, payment tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe how transactions progress from now on to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about which kind of NFT you shop for here, and what you could sell should you decide to pursue that route. The type of NFT it is unlimited as there’s a variety of options for how to do it.
You can be selling digital products, trading cards, game assets domain names, also physical goods! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the other options. There are zero gas fees when you use this feature to create and market NFTs. This means you’ll get the most profit when you start selling because you won’t have to spend on extra fees.
Not many NFT marketplaces offer this feature, so this is great for you to make a huge profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to make more money from this act.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. Even though you can’t buy or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to convert your fiat money into cryptocurrency on these platforms. Nft Pollution
You can swap your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option to exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built around the ETH blockchain, all wallets with a connection to the same network are suitable for this website.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only, and the function to purchase cryptocurrency using credit cards. Nft Pollution
To know more about it to learn more, check out their FAQs to see the steps you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- You cannot buy or sell products via the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Pollution
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to market their work online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs because of its zero gas costs and the low commission rate you must pay.
You can browse and purchase an array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to claim that your transactions are secure and safe.
Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed next to your account or collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as numerous others to cater for more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before, there is definitely an official mobile app from OpenSea for both iOS and Android. Download it at their respective app store and begin browsing through the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and receive 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/).