The cryptocurrency market is on the rise 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 one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and let’s see the possibilities of 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 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 Server
The aim for OpenSea was to offer an online marketplace for artists to easily upload their commissions with no additional fees. It also has additional functions that let you sell your work without having to deal with many difficulties.
When it comes to registration, you won’t have to worry about giving all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use 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 on the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains, you can choose which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT, along with the people who want to purchase it. Every transaction will be conducted using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist that you admire. Anyone can become a seller however it takes some time for anyone to become an established one.
There’s a huge selection from the selection of NFTs available at OpenSea and you can also be a part of that! You can start your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible token that is individual and cannot be replaced. It can be an item of any rarity like rare baseball trading cards in mint condition, or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can just imagine the NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You’re claiming the ownership of the particular item you uploaded on market, as putting it up for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and then add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and create a collection! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain and payments tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from now on to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself the kind of NFTs can you shop for here, and what you could also sell if you choose to go that route. The type of NFT that you can purchase isn’t limited because there’s a wide range of how you can go about it.
You could be selling digital items, trading cards game assets, domain names, and also physical goods! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from other companies. There are no gas costs for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you don’t need to pay on extra fees.
Not many NFT marketplaces provide this feature, which is why this is great for you to receive high profit from your collection.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which means you can make more money by this method.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse through 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 both iOS as well as Android. Even though you can’t buy or sell anything, you can still at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you You can also exchange your fiat money for cryptocurrency on these platforms. Nft Server
You can swap your fiat currency using a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and more!
Each of them has the option of converting them into ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based around the ETH blockchain, any wallets which are part of the same network are suitable for this website.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage and the ability to buy cryptocurrency using a credit card. Nft Server
For more information about the service, you can check their FAQs to get the steps you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- It is not possible to buy or sell items via our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Server
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists who use the platform to market NFTs because of its zero gas costs and low commission fees that you have to pay.
You can browse and shop for an array of digital items on the NFT marketplace and you must take a look!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year 2018. Since its system is based on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
Furthermore as a seller you will be verified after you build up your reputation. A blue checkmark will appear on your account or any collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison to others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be widely used on this site as well as many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on trusted platforms with 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 mentioned before There is an official mobile application from OpenSea for both iOS or Android. Download it at their respective app store and you can start exploring the collection now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and get notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).