The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is one of 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 one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see 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 overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Tablet
The purpose to create OpenSea was to provide artists with a marketplace/platform to upload commissions with no additional fees. It also has additional functions which allow you to market your art without too many problems.
For the registration process, you don’t have to provide any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It is also based on the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains it is possible to choose which one you want to upload your NFT on as seller. This ensures the safety of your NFT as well as those who wish to buy it. All transactions are made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art by an artist you admire. Anyone can become a seller however it takes time for anyone to be a reputable one.
There’s a huge selection from the selection of NFTs available at OpenSea and you can become a part of the collection! You can set up your own market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t exactly sure what it means. 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 latest ways you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible token which is extremely exclusive and cannot be changed. It could be an item of any rareness, such as mint-condition baseball trading cards or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can just think of the NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. It is a way of claiming the owner of the item or token that you posted to market, as you’re selling it. Usually, this is recognized after you fill in the proper information regarding the NFT and add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and simply create a collection! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain and money transfer tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe the way transactions are handled from now on to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself what kind of NFTs you shop for here, and what you could also sell if you decide to go that route. The kind of NFT that you can purchase is unlimited because there’s a wide range of how you can approach it.
You could be selling trade cards, digital goods games, domain names, and also physical goods! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from other companies. There are zero gas fees when you utilize this feature when you make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, and it is a great way to earn a high return from your collection.
This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you earn more money by this method.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps of OpenSea are available on both iOS as well as Android. Although you aren’t able to purchase or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal to trade your fiat currency for cryptocurrency through these platforms. Nft Tablet
You can convert your fiat money via the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
All of them have the option of converting them into ETH, which is the standard crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built using the ETH blockchain, any wallets that share that network will be suitable for the site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency with credit cards. Nft Tablet
To know more about it to learn more, check out their FAQs for an overview of how you can begin and also 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. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty).
- It is not possible to buy or sell items via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Tablet
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online and receive cryptocurrency as a method of payment. It’s a great platform for artists using it to sell NFTs because of its zero gas fees and the low commission rate which you are required to pay.
You can browse and shop for an array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established in the year of 2018. Since its system is based on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned to your account or collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are safe.
How do 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 believed to be reasonably low compared with the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is frequently utilized on this website and other sites to provide many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile app by OpenSea that is available for iOS or Android. You can download it through their app store and then you can begin exploring the collection right now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts and get alerts on any updates that affect your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).