Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto currency. Markets have popped up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, 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 Token Art
The goal of OpenSea was to simply provide a platform/marketplace for artists to upload commissions, without having to pay any additional fees. There are additional features that allow you to sell your work without having to deal with many issues.
For the registration process, you don’t have to give too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It also operates with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains that are available, you can choose which one you want to upload your NFT on as seller. This will ensure the security of your NFT and those who wish to buy it. All transactions will be made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is 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 the simplest domain name to an official artwork from an artist that you admire. Anyone can sell however, it takes time for anyone to become a reputable one.
There are a variety of NFTs from the selection on 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 market the term “NFT” has been going around for so long on internet that many millennials are familiar with it but not exactly sure what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy is an NFT. A NFT is a non-fungible token which is extremely individual and cannot be changed. It could be an item of any rareness like rare baseball trading cards in mint condition, 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 think of as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling ownership over that particular token/item that you posted to the marketplace, and you’re offering it for sale. Typically, this is official once you fill out the correct information about the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and creating a collection to start! Fill out the proper and complete information about your NFT and select the type of settings you want for it (e.g. blockchain and payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from here on out to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself the kind of NFTs be found here and what you can sell should you decide to go that route. The kind of NFT that you can purchase is indefinite as there’s a variety of options for how to go about it.
It is possible to sell digital products, trading cards game assets domain names, also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from the other options. There’s no cost for gas for using this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t have to spend on extra fees.
Not many NFT marketplaces provide this feature, so this is a great way to earn a high return from your NFT collection.
This 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 buy an NFT from the site you’ll be rewarded with 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 has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency using these platforms. Nft Token Art
You can convert the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than other. Because it is based on an ETH blockchain, any wallets with a connection to the same network are suitable for the site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only, and the function to purchase cryptocurrency with credit cards. Nft Token Art
To learn more about it You can go through their FAQs to see the steps you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% for artists (low royalties).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Token Art
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online and receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its low gas costs and low commission fees which you are required to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established in the year 2018. Because its system is built on blockchain technology that is secure, you can say that your transactions are secure and safe.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed to your account or any collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties from OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared with the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow 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 application?
As previously mentioned There is an official mobile app by OpenSea that is available for iOS and Android. Download it at their respective app store and you can start browsing through the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and receive notifications about updates to 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/).