Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft System Diagram
The purpose of OpenSea was to provide an online marketplace for artists to easily upload their commissions without any extra fees. There are additional features which allow you to market your art without too many issues.
In terms of registration, you don’t need to provide all of your personal details. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also functions using the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains that are available it is possible to choose which one you want to publish your NFT as an seller. This is to ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to official art from an artist you admire. Anyone can sell however, it takes time before anyone can become a reputable one.
There are a variety of NFTs of NFTs available on OpenSea and you could also be a part of this! You can set up your own personal market there, and also find NFTs you’d like to buy 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 have heard of 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 that you can buy with cryptocurrency includes an NFT. The NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. It could be an item of rarity like authentic baseball cards or unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you sell online. It is simpler to simply consider an NFT being a virtual item paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the marketplace, and you’re offering it for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and then making a collection to begin! Complete the correct and complete information about your NFT and select the type of settings you’d like for it (e.g. blockchain and payment tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.
It is possible to wait and see how transactions progress from now on to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering what kind of NFTs can be found here and what you can sell should you decide to go down that path. The type of NFT it is indefinite because there’s a wide range of how you can approach it.
It is possible to sell trade cards, digital goods, game assets domain names, some physical items! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from other companies. There are no gas costs when you use this feature when you mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, and it is a great way to make a huge profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, letting you earn more cash through this action.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s 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 listings.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. Even though you can’t buy 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 at your disposal, and you can trade your fiat currency for cryptocurrency through these platforms. Nft System Diagram
You can convert your fiat currency using a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
All of these have the option to exchange for ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than others. Since it is built using the ETH blockchain, all wallets which are part of that network will be suitable for this site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage and the ability to purchase cryptocurrency with the credit card. Nft System Diagram
To know more about it to learn more, check out their FAQs for a rundown of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft System Diagram
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use for selling NFTs because of its zero cost of gas and the low commission rate that you have to pay.
You can browse and purchase an array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea is a reputable marketplace since it was founded in the year 2018. Because its system is based on a blockchain that is secure, you can declare that transactions are secure and safe.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed next to your account or the collection you uploaded to reassure every customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison against other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to use 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 buy and sell cryptocurrency on reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS as well as Android. Install it from their app store, and begin exploring the collection now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts as well as 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/).