The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto currency. Markets have popped up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining 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 will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Scores
The goal to create OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional charges. It has more functions that allow you to sell your art without too many problems.
When it comes to the registration process, you don’t have to provide all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It also functions on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains it is possible to choose 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 purchase it. All transactions are made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can be a seller however it takes a while for anyone to be an established seller.
There’s a huge selection in the collection of NFTs available at OpenSea, and you can also be a part of this! You can create your own market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry the term “NFT” has been going around for so long on the internet that many millennials are familiar with it but not exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can buy includes an NFT. The NFT is a non-fungible token that is individual and cannot be changed. It could be an item of any rarity like mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell on the internet. It is simpler to just consider an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the ownership of the particular item that you have uploaded to the marketplace, and offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and then add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain or money transfer tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how transactions progress from here on out to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
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 go down that path. The kind of NFT that you can purchase is unlimited as there’s a variety of ways to approach it.
You can be selling trade cards, digital goods, game assets domain names, also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t need to spend on extra fees.
Not many NFT marketplaces provide this feature, so this is a great way to make a huge profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you earn more cash by this method.
Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea has over the other marketplaces.
There is 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 from OpenSea are accessible on the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you to exchange your fiat money for cryptocurrency using these platforms. Nft Scores
You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option of converting them into ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Since it is built on the ETH blockchain, wallets which are part of that network will be suitable for this site.
Here’s a list various crypto wallets that you can utilize in 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, mobile-only usage, and the function to purchase cryptocurrency using a credit card. Nft Scores
To know more about it, you can check their FAQs to get an overview of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is open to everyone 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. But overall, you can quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Scores
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists using the platform to market NFTs because of its zero gas fees and the low commission rate that you have to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can claim that your transactions are safe and secure.
Furthermore, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned on your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared to the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be widely used on this site as well as other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
Which are the accepted payment methods 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 have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier, there is definitely an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store and you can start exploring the collection now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).