The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto coins. There are numerous marketplaces popping up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of 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 security and quick transactions.
Get on board, and let’s explore the possibilities of OpenSea and also see the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft System Design
The purpose to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra charges. 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 provide all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple 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 market is built upon the Ethereum blockchain system, and this is used to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains that are available it is possible to choose which one you’d like to upload your NFT on as an seller. This ensures the safety of your NFT, along with those who wish to buy it. Every transaction will be conducted by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name, to a piece of art by an artist you admire. Anyone can sell however, it takes some time for anyone to become an established one.
There’s a huge selection in the collection at OpenSea and you could become a part of the collection! You can create your own market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but not exactly sure what it actually means. 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 includes an NFT. The NFT is a token that is non-fungible that is exclusive and cannot be changed. It could be a piece of rarity like rare baseball trading cards in mint condition or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could just consider an NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and then creating a collection to start! Input the appropriate and correct information regarding your NFT and choose what kind of settings you want for it (e.g. blockchain or money transfer tokens). After that you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled from here on out to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about which kind of NFT can be found here and what you can sell should you decide to go down that path. The type of NFT it can be isn’t limited since there’s a broad range of options for how to go about it.
You can be selling trade cards, digital goods, game assets domain names, some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from the others. There are zero gas fees when you utilize this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you begin selling since you don’t need to pay on extra fees.
Very few NFT marketplaces have this feature, which is why this is a great way to make a huge profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are benefits when you refer your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. You can’t buy or sell items as you scroll through the list.
OpenSea’s mobile apps are available for both iOS as well as Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency through these platforms. Nft System Design
You can convert your fiat money via the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
All of these have the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than other. Because it is based around the ETH blockchain, any wallets which are part of this network are appropriate for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. Nft System Design
To learn more about it You can go through their FAQs to get a rundown of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts can be used to perform 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% to artists (low royalty rates).
- Cannot buy or sell through the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who owns any 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. In the end, you’ll quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft System Design
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online, and to accept cryptocurrency as a form of payment. It’s a great option for artists who want to use it to sell NFTs due to its no cost of gas and low commission fee rate you must pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace and you must go through it!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year 2018. Since the system it operates on is built on a blockchain that is secure, you can declare that transactions are protected and secured.
Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark will be assigned on your account or 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 do I earn royalties on OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared against other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is widely utilized on this website and numerous others to cater for more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned There is an official mobile application from OpenSea for both iOS as well as Android. Install it from their app store and begin exploring the collection now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).