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 across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Rated
The aim for OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional fees. There are additional features that let you sell your artwork without any problems.
For the registration process, you don’t have to give any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for most processes. It also operates with the Polygon blockchain to ensure the lowest cost and speediest trading.
There are 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 those who wish to purchase it. All transactions will be made along with this blockchain, which is why you need to think about 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 in exchange for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes some time for anyone to be an established seller.
There are a variety of NFTs in the collection on OpenSea and you could join in with the collection! You can start your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around for so long on internet that many millennials are familiar with it but not exactly sure what it actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency that is very individual and cannot be substituted. It can be an item of rareness like authentic baseball cards, or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling online. It is simpler to simply imagine the NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You’re claiming the ownership of the particular item that you have uploaded to the market place, but you’re selling it. Usually, this is recognized when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and simply creating a collection to start! Fill out the proper and correct information regarding your NFT and then select what type of settings you want to use it with (e.g., blockchain or 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 the way transactions are handled from now to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT can be found here and what you can sell should you decide to go that route. The type of NFT it isn’t limited because there’s a wide range of how you can go about it.
You can be selling trade cards, digital goods games domain names, even physical assets! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the others. There’s no cost for gas when you use this feature to mint and sell NFTs. This means you’ll get the most profit when you begin selling since you won’t have to spend on any additional charges.
Not many NFT marketplaces provide this feature, which is why this can be a fantastic way to earn a high return from your NFT collection.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are benefits by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to make more money from this act.
Other NFT marketplaces don’t have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through 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 and Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you to exchange your fiat money for cryptocurrency through these platforms. Nft Rated
You can exchange your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than others. Since it is built mainly on an ETH blockchain, wallets that share the same network are suitable for this website.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency with credit cards. Nft Rated
For more information about the service, you can check their FAQs for an overview of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces 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 used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Rated
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists who use the platform to market NFTs because of its zero gas fees and low commission fees you must pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace and you must go through it!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
In addition, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark is placed next to your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is thought to be a reasonable amount compared against other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been commonly used on this site and other sites to provide many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier, 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 then you can begin exploring the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. With 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/).