Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s see the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Strawberries
The purpose to create OpenSea was to offer a platform/marketplace for artists to upload commissions, without having to pay any additional costs. There are additional features that allow you to sell your art without too many problems.
When it comes to registration, you don’t need to worry about giving too many details about yourself. All you need to 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 widely-used cryptocurrency that is used in 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 operates with the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains available it is possible to choose which one you would like to transfer your NFT to as seller. This will ensure the security of your NFT as well as the people who want to buy it. Every transaction will be conducted using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist that you admire. Anyone can be a seller however, it takes a while before anyone can become a reputable one.
There are a variety of NFTs from the selection on OpenSea and you can join in with this! You can set up your own market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials have heard of it but not exactly sure what it means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible currency that is exclusive and cannot be changed. This can be a piece of rareness like mint-condition baseball trading cards or uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible object that you sell online. More straightforwardly, you can just imagine the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling the owner of the item or token you uploaded on the market place, but offering it for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and then add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then making a collection to begin! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain or payment tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about the kind of NFTs be purchased here, and what you could also sell if you choose to pursue that route. The type of NFT that you can purchase is unlimited as there’s a variety of options for how to approach it.
You could be selling trade cards, digital goods game assets domain names, some physical items! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the others. There’s no cost for gas for using this feature when you make and then sell the NFTs. This means you’ll get the most profit when you start selling because you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, and it is great for you to earn a high return from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are advantages by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you earn more money from this act.
Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to exchange your fiat money for cryptocurrency on these platforms. Nft Strawberries
You can convert your fiat currency using a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
All of them have the option of converting them into ETH, which is the most common cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly on an ETH blockchain, any wallets that share that network will be suitable for the site.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage and the ability to buy cryptocurrency using a credit card. Nft Strawberries
For more information about the service, you can check their FAQs to see an overview of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Strawberries
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists using the platform to market NFTs because of its zero gas fees and the low commission rate you must pay.
You can browse and shop for an array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception in the year of 2018. Since the system it operates on is built on blockchain technology 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 have built up your credibility. A blue checkmark will be assigned on your account or any collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be quite low in comparison with the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as numerous others to cater for many more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. 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 we mentioned earlier there’s an official mobile app from OpenSea that is available for iOS as well as Android. Download it at their respective app store and begin exploring the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).