Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and discover the possibilities of OpenSea as well as examining the NFTs available to view!
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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Software
The aim of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions without any extra charges. It has more functions that allow you to sell your work without having to deal with many problems.
For registration, you don’t need to worry about giving too many details about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It also operates on the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains available it is possible to choose which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT as well as those who wish to purchase it. All transactions are made using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist that you admire. Anyone can become a seller however it takes time before anyone can become an established seller.
There are a variety of NFTs in the collection at OpenSea and you could also be a part of this! You can start your own personal market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency 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 is. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible token that is individual and cannot be changed. It can be an item of any rarity like mint-condition baseball trading cards or rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing you’re selling on the internet. It is simpler to just consider as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the marketplace, and you’re 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 straightforward procedure to create your own NFTs. All you have to do is visit the store and create a collection! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain or payments tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from now on to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself the kind of NFTs can you shop for here, and what you could also sell if you decide to pursue that route. The type of NFT it can be isn’t limited since there’s a broad range of how you can go about it.
You can be selling trade cards, digital goods game assets, domain names, and some physical items! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from the other options. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on any additional charges.
Not many NFT marketplaces have this feature, so this can be a fantastic way to earn a high return from your collection.
A Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are advantages when you refer your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you earn more money by this method.
Other NFT marketplaces don’t offer the same feature This is a further advantage OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you to convert your fiat money into cryptocurrency through these platforms. Nft Software
You can exchange your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
Each of them has the option of exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than other. Because it is based using the ETH blockchain, all wallets that share that network will be suitable for this website.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with the credit card. Nft Software
For more information about the service to learn more, check out their FAQs for the steps you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Software
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online and receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its low gas costs and low commission fee rate that you have to pay.
You can shop and browse the vast array of digital products on this NFT marketplace and you must go through it!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded in 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are protected and secured.
In addition as a seller you can become verified once you’ve earned a reputation. A blue checkmark is placed on your account or any collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure that users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared with the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is commonly utilized on this website and numerous others to cater for more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned there’s an official mobile app by OpenSea for both iOS or Android. Download it at their respective app store, and you can start exploring the collection now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and get notifications on updates regarding your account when you’re on the desktop.