The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto, you’ve probably heard about OpenSea before for a good reason. It has become one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s explore 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’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Rail System
The goal to create OpenSea was to simply provide artists with a marketplace/platform to upload commissions, without having to pay any additional costs. There are additional features which allow you to market your work without having to deal with many problems.
In terms of the registration process, you don’t have to provide any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for most processes. It also operates using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains 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 as well as the people who want to buy it. All transactions will be made using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can sell, but it takes a while for anyone to become an established one.
There are a variety of NFTs from the selection on OpenSea and you could join in with that! You can set up your own market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t sure exactly what it is. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible currency which is extremely unique and can’t be substituted. It can be a piece of rareness, such as rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object that you can sell online. In simpler terms, you could just think of the NFT being a virtual item paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling the ownership of the particular item that you have uploaded to the market place, but offering it for sale. Typically, this is official after you fill in the correct information about the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and simply making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain and money transfer tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from now on to see whether OpenSea is the best marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about what kind of NFTs be found here, and what you could sell should you decide to pursue that route. The type of NFT that you can purchase is unlimited since there’s a broad range of options for how to go about it.
You can be selling digital items, trading cards, game assets, domain names, and even physical assets! Consider what you believe will yield the most profit by trying 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 for using this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces have this feature, so this is a great way to make a huge profit from your collection.
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more cash by this method.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for both iOS as well as Android. Even though you can’t buy or sell something, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency through these platforms. Nft Rail System
You can exchange your fiat currency using a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of converting them into ETH, which is the primary crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than other. Since it is built using the ETH blockchain, all wallets which are part of the same network are suitable for this site.
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 seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency with credit cards. Nft Rail System
For more information about the service, you can check their FAQs to see an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Rail System
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online to receive cryptocurrency as their form of payment. It’s an excellent platform for artists who use it to sell NFTs because of its zero gas costs and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established in 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are secure and safe.
Additionally as a seller you can become verified once you build up your reputation. A blue checkmark is placed to your account or collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared with the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is frequently used on this site and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile app from OpenSea for both iOS and Android. Download it at their respective app store, and you can start browsing through the collection right now!
A desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive notifications on updates regarding 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/).