The crypto currency market is in a boom right now 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 sell and buy NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Starter
The goal for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional charges. It also has additional functions that let you sell your artwork without any issues.
For registration, you won’t have to provide any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It also functions using the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains, you can choose which one you would like to publish your NFT as seller. This will ensure the security of your NFT as well as the people who want to buy it. All transactions will be made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to official art by an artist you admire. Anyone can be a seller, but it takes some time for anyone to be an established seller.
There’s a huge selection from the selection at OpenSea and you can become a part of this! You can create your own market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t 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 newest things that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible currency that is very individual and cannot be changed. This can be an item of rareness, such as authentic baseball cards, or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible item that you sell online. More straightforwardly, you can just consider an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. You are calling the owner of the item or token you uploaded on the marketplace, and selling it. Typically, this is official when you have filled in the correct information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and simply creating a collection to start! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain, payments tokens). After that, you can finally upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from here on out to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering which kind of NFT be purchased here and what you can sell should you decide to pursue that route. The kind of NFT that you can purchase is indefinite because there’s a wide range of options for how to approach it.
You could be selling trade cards, digital goods games, domain names, and some physical items! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the other options. There are zero gas fees when you use this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t have to spend on additional fees.
Very few NFT marketplaces have this feature, which is why this is great for you to receive high profit from your collection.
A Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are advantages when you refer your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t have the same feature This is a further advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell something, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency using these platforms. Nft Starter
You can convert the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option to exchange for ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than others. Since it is built around an ETH blockchain, wallets that share that network will be suitable for this website.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage as well as the capability to purchase cryptocurrency using the credit card. Nft Starter
To know more about it, you can check their FAQs to see an overview of how you can start and also what other crypto 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. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with 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 royalties 10% to artists (low royalty).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Starter
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to market their work online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists who use 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 goods in this NFT marketplace and you must go through it!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established at the end of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
Additionally as a seller you can become verified once you build up your reputation. A blue checkmark will appear on your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is considered to be quite low in comparison to the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is frequently used on this site as well as numerous others to cater for many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary 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 buy and trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before there’s an official mobile application from OpenSea available for both iOS and Android. You can download it through their app store, and then you can begin exploring the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect 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/).