The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up all over the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Usage
The purpose of OpenSea was to simply provide an online marketplace for artists to upload commissions, without having to pay any additional charges. There are additional features that let you sell your artwork without any difficulties.
For the registration process, you don’t have to give all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used 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 kinds of blockchains, you can choose which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT and the people who want to purchase it. All transactions are made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist you admire. Anyone can become a seller, but it takes time for anyone to be a reputable one.
There are a variety of NFTs of NFTs available on OpenSea and you could become a part of that! You can create your own personal market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials have heard of it but aren’t sure exactly what it actually means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. A NFT is a token that is non-fungible which is extremely unique and can’t be changed. This can be a piece of rareness, such as mint-condition baseball trading cards, or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible item you’re selling online. It is simpler to simply consider the NFT as a digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You’re claiming ownership over that particular token/item that you posted to the market place, but you’re selling it. Typically, this is official once you fill out the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and then creating a collection to start! 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, money transfer tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.
You can watch and see how transactions progress from here on out to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about the kind of NFTs you shop for here and what you can also sell if you decide to pursue that route. The type of NFT it is unlimited since there’s a broad range of how you can do it.
You can be selling digital items, trading cards games domain names, also physical goods! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from the other options. There are no gas costs when you use this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t have to spend on any additional charges.
Not many NFT marketplaces have this feature, and it is great for you to earn a high return from your collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more cash through this action.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for both iOS and Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency on these platforms. Nft Usage
You can exchange the fiat currency you have with a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of converting them into ETH that is the primary crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based using an ETH blockchain, any wallets that share this network are appropriate for this site.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage and the ability to buy cryptocurrency using the credit card. Nft Usage
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, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its method of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Usage
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use for selling NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace and you must go through it!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Since the system it operates on is built on a blockchain that is secure, you can say that your transactions are safe and secure.
Additionally as a seller you’ll be verified when you have built up your credibility. A blue checkmark is placed next to your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure that users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared against the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be widely utilized on this website and many others to accommodate the increasing number of 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 methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As mentioned before, there is definitely an official mobile application from OpenSea for both iOS as well as Android. Install it from their app store, and you can start exploring the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and get 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/).