The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking 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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft System Guide
The purpose of OpenSea was to provide a platform/marketplace for artists to upload their commissions with no additional charges. It has more functions which allow you to market your artwork without any difficulties.
When it comes to registration, you won’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 with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for most processes. It is also based using the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains that are available it is possible to choose which one you want to transfer your NFT to as a seller. This ensures the safety of your NFT as well as those who would like to buy it. All transactions are made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can be a seller, but it takes time for anyone to become an established seller.
There is a wide variety in the collection at OpenSea and you could join in with this! You can start your own marketplace on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the cryptocurrency industry the term “NFT” has been going around for so long on the internet that the majority of young people have heard of it but not exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible token that is very individual and cannot be changed. This can be an item of rarity like rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could just imagine the NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token that you posted to the market place, but putting it up for sale. Usually, this becomes official after you fill in the correct information about the NFT and finally add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and simply create a collection! Input the appropriate and complete information about your NFT and select the type of settings you want for it (e.g. blockchain and payment tokens). After that, you can finally upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from here on out to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about which kind of NFT be purchased here and what you can also sell if you decide to go that route. The type of NFT it is unlimited because there’s a wide range of options for how to go about it.
It is possible to sell digital products, trading cards, game assets, domain names, and even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the other options. There’s no cost for gas when you use this feature to make and then sell the NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on any additional charges.
Not many NFT marketplaces provide this feature, and it can be a fantastic way to earn a high return from your NFT collection.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets that offer benefits by referring someone else 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, which means you can earn more money through this action.
Other NFT marketplaces don’t offer this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you to exchange your fiat money for cryptocurrency using these platforms. Nft System Guide
You can exchange your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option to exchange for ETH which is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based on the ETH blockchain, all wallets which are part of this network are appropriate for the site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage as well as the capability to purchase cryptocurrency with credit cards. Nft System Guide
For more information about the service, you can check their FAQs to see an overview of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties 10% for artists (low royalty).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft System Guide
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to sell their works online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists using it to sell NFTs due to its no gas fees and low commission fee rate you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year of 2018. Because its system is based on a blockchain that is secure, you can say that your transactions are protected and secured.
Additionally, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will appear to your account or collection you uploaded to reassure every customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be quite low in comparison with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is frequently utilized on this website and many others to accommodate more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As mentioned before there’s an official mobile application from OpenSea available for both iOS or Android. You can download it through their app store and then you can begin browsing through the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to 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/).