Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea as well as examining the NFTs available to view!
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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Shopify
The purpose for OpenSea was to provide a platform/marketplace for artists to upload commissions with no additional charges. It also has additional functions that allow you to sell your art without too many difficulties.
For registration, you don’t need to provide all of your personal details. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also functions using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains that are available you can pick which one you would like to publish your NFT as an seller. This ensures the safety of your NFT, along with 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 endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name to official art by an artist you admire. Anyone can be a seller however, it takes some time for anyone to be a reputable one.
There are a variety of NFTs of NFTs available at OpenSea and you could become a part of the collection! You can start your own marketplace there, and also find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t sure exactly what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. A NFT is a token that is non-fungible that is very individual and cannot be substituted. It can be an item of any rareness like mint-condition baseball trading cards, or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object that you can sell on the internet. More straightforwardly, you can just consider an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming the owner of the item or token that you have uploaded to market, as offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mint your 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’d like to use it with (e.g. blockchain and payment tokens). After that 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 if OpenSea is the marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about the kind of NFTs can you shop for here, and what you could also sell if you choose to pursue that route. The type of NFT it can be isn’t limited as there’s a variety of ways to go about it.
It is possible to sell trade cards, digital goods game assets domain names, even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the other options. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you start selling because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, and it is a great way to earn a high return from your NFT collection.
A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, which means you can make more money from this act.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. You can’t buy or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for both iOS in addition to Android. Even though you can’t buy or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Shopify
You can convert the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option to exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly around the ETH blockchain, wallets with a connection to that network will be suitable for this website.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage, and the function to purchase cryptocurrency with a credit card. Nft Shopify
To know more about it You can go through their FAQs to get a rundown of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available for iOS and 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 10% to artists (low royalties).
- You cannot buy or sell products via the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Shopify
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online to receive cryptocurrency as a form of payment. It’s a great option for artists who want to use it to sell NFTs because of its zero gas costs and the low commission rate you must pay.
You can shop and browse the vast array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year 2018. Because its system is built on blockchain technology and is secured, it is safe to declare that transactions are protected and secured.
Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear to your account or collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared with the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as other sites to provide more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using 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/mobile app?
As we mentioned earlier there’s an official mobile app from OpenSea that is available for iOS and Android. You can download it through their app store, and you can start exploring the collection now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to 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/).