The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto coins. Marketplaces are 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 has become one of the biggest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea, along with checking 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. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Token Purchase
The purpose of OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional fees. There are additional features that allow you to sell your artwork without any problems.
In terms of registration, you won’t have to worry about giving any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It also functions using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains available you can pick which one you’d like to transfer your NFT to as seller. This will ensure the security of your NFT, along with the people who want to purchase it. All transactions will be made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to official art by an artist you admire. Anyone can sell however, it takes a while for anyone to become an established one.
There’s a huge selection from the selection on OpenSea, and you can also be a part of the collection! You can set up your own market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials have heard of it but aren’t sure exactly what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can buy includes an NFT. An NFT is a token that is non-fungible that is very unique and can’t be substituted. It can be an item of rareness like mint-condition baseball trading cards or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object that you can sell on the internet. More straightforwardly, you can simply consider an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the marketplace, and selling it. Typically, this is official when you have filled in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and simply create a collection! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain or payments 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 how the transactions go from now to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about what kind of NFTs can you shop for here and what kind of NFTs you can also sell if you decide to go down that path. The type of NFT it can be is unlimited as there’s a variety of how you can go about it.
You can be selling trade cards, digital goods game assets, domain names, and also physical goods! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the other options. There are zero gas fees when you utilize this feature to create and market NFTs. This means you’ll receive the maximum profits when you sell because you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, which is why this can be a fantastic way to earn a high return from your portfolio.
A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces, you can receive rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can make more money by this method.
Other NFT marketplaces do not have this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly 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 on the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency through these platforms. Nft Token Purchase
You can swap your fiat currency using a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
Each of them has the option of converting them into ETH, which is the standard cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built around the ETH blockchain, wallets which are part of that network will be suitable for the site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency with credit cards. Nft Token Purchase
To learn more about it, you can check their FAQs to see the steps you can start and also 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 available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Token Purchase
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online to receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its low gas costs and low commission fees that you have to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Because its system is based on a blockchain that is secure, you can say that your transactions are protected and secured.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear next to your account or the collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared against other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is frequently used on this site as well as numerous others to cater for many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile app by OpenSea for both iOS as well as Android. Download it at their respective app store and begin exploring the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and receive alerts on any updates that affect 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/).