The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto currency. There are numerous marketplaces popping up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s see 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 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 Stars
The purpose for OpenSea was to simply provide a platform/marketplace for artists to upload their commissions without any extra costs. It also has additional functions that let you sell your work without having to deal with many difficulties.
For the registration process, you don’t have to give too many details about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It also functions with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains available, you can choose which one you would like to publish your NFT as an seller. This is to ensure the security of your NFT and those who would like to buy it. All transactions will be made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes some time before anyone can become an established one.
There’s a huge selection of NFTs available on OpenSea and you can also be a part of this! You can create 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 market, the term “NFT” has been going around so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it is. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. The NFT is a token that is non-fungible that is very individual and cannot be changed. It could be an item of any rarity like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could simply consider the NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You are calling the ownership of the particular item that you posted to the marketplace, and selling it. Usually, this becomes official when you have filled in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and create a collection! Fill out the proper and complete information about your NFT and select the type of settings you want for it (e.g. blockchain, payment tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see how transactions progress from now to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself what kind of NFTs can be purchased here and what you can also sell if you choose to go down that path. The kind of NFT it can be is unlimited since there’s a broad range of options for how to approach it.
You can be selling digital items, trading cards, game assets domain names, some physical items! Explore what you believe can 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 are no gas costs for using this feature when you make and then sell the NFTs. This means you’ll get the most profit when you begin selling since you won’t have to spend on any additional charges.
Very few NFT marketplaces provide this feature, and it is great for you to make a huge profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive rewards when you refer your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more money from this act.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency on these platforms. Nft Stars
You can convert the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
Each of them has the option to exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than other. Since it is built mainly using an ETH blockchain, wallets with a connection to that network will be suitable for this website.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only and the ability to buy cryptocurrency using a credit card. Nft Stars
To learn more about it to learn more, check out their FAQs to see the steps you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Stars
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks 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 due to its low gas fees and low commission fees you must pay.
You can shop and browse a vast collection of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in 2018. Because its system is built on a blockchain that is secure, you can say that your transactions are safe and secure.
Additionally, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear next to your account or any collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared to the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is commonly used on this site as well as other sites to provide the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile app from OpenSea that is available for iOS or Android. Install it from their app store and begin browsing through 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 receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).