The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency users because of 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 continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Technique
The purpose to create OpenSea was to simply provide an online marketplace for artists to upload commissions, without having to pay any additional costs. There are additional features 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 need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains you can pick which one you want to transfer your NFT to as an seller. This ensures the safety of your NFT, along with those who wish to purchase it. All transactions will be made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist that you admire. Anyone can be a seller however it takes a while for anyone to be an established one.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you can join in with this! You can start your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry the term “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t exactly sure what it is. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible currency that is unique and can’t be replaced. It could be a piece of rarity like mint-condition baseball trading cards or uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you sell on the internet. In simpler terms, you could just think of an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling ownership over that particular token/item that you have uploaded to the marketplace, and you’re selling it. Usually, this is recognized after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and then create a collection! Fill out the proper and complete information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain or payment tokens). After you’ve completed the process, you can finally upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from now to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering what kind of NFTs can be purchased here, and what you could also sell if you decide to go that route. The type of NFT that you can purchase is indefinite because there’s a wide range of how you can go about it.
You could be selling digital items, trading cards, game assets, domain names, and some physical items! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from the other options. There are no gas costs when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, which is why this is great for you to make a huge profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets, you can receive rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on both iOS in addition to Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency on these platforms. Nft Technique
You can exchange your fiat currency using a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option to exchange for ETH, which is the standard crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of crypto, wallets are still more compatible with it than others. Since it is built on an ETH blockchain, any wallets that share that network will be suitable for this site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. Nft Technique
To know more about it, you can check their FAQs for an overview of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS as well as 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 royalties).
- You cannot buy or sell products through our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto digital wallet must be used for 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% portion of commission fees that all buyers on the marketplace. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Technique
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its no cost of gas and low commission fee rate which you are required to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea real and secure?
The short answer is yes! OpenSea is a reputable marketplace since its inception on the 1st of December in 2018. Since the system it operates on is built on a blockchain that is secure, you can declare that transactions are safe and secure.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear on your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as other sites to provide many 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 access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier there’s an official mobile app from OpenSea for both iOS as well as Android. Download it at their respective app store and you can start exploring the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and receive notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).