The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Teachers Union
The goal of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. It also has additional functions which allow you to market your art without too many difficulties.
When it comes to registration, you don’t need to give too many details 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, without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains that are available, you can choose which one you’d like to transfer your NFT to as seller. This ensures the safety of your NFT, along with the people who want to purchase it. Every transaction will be conducted by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to official art from an artist you admire. Anyone can become a seller, but it takes a while for anyone to be a reputable one.
There’s a huge selection in the collection of NFTs available at OpenSea and you could become a part of this! You can set up your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it is. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can buy can be an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be substituted. It can be an item of any rarity like mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible item you’re selling online. More straightforwardly, you can just imagine an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the market place, but selling it. Usually, this becomes official when you have filled in the correct information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and making a collection to begin! Fill out the proper and complete information about your NFT and select the type of settings you’d like for it (e.g. blockchain, money transfer tokens). Once that’s all done, you can finally upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to see whether OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering which kind of NFT be purchased here and what kind of NFTs you can sell should you decide to pursue that route. The type of NFT it can be is indefinite because there’s a wide range of how you can go about it.
You could be selling digital products, trading cards game assets, domain names, and also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the others. There’s no cost for gas for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces offer this feature, and it is great for you to receive high profit from your portfolio.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are advantages when you refer someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS as well as Android. While you’re not able to buy or sell something, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency on these platforms. Nft Teachers Union
You can convert your fiat money via credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and other things!
Each of them has the option to exchange for ETH, which is the primary cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Because it is based around an ETH blockchain, all wallets which are part of this network are appropriate for this website.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only and the ability to buy cryptocurrency using a credit card. Nft Teachers Union
To learn more about it, you can check their FAQs to get the steps you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- Cannot buy or sell via our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Teachers Union
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 a great option for artists who want to use for selling NFTs because of its zero cost of gas and low commission fee rate that you have to pay.
You can browse and shop for an array of digital items on the NFT marketplace and you must take a look!
Is OpenSea legit & safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year of 2018. Because its system is based on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed on your account or any collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is thought to be reasonably low compared to the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is frequently used on this site as well as other sites to provide more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store and then you can begin browsing through the collection right now!
The version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and get 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/).