The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto-coins. Markets have popped up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth a look.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop 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 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 Ventures Medium
The goal to create OpenSea was to simply provide an online marketplace for artists to upload commissions without any extra fees. There are additional features that allow you to sell your work without having to deal with many problems.
For the registration process, you don’t have to provide all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that, without much hassle as you step 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 which is utilized for the majority of transactions. It also functions using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains, you can choose which one you’d like to transfer your NFT to as seller. This is to ensure the security of your NFT and those who wish to buy it. Every transaction will be conducted along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can sell however it takes time before anyone can become an established one.
There is a wide variety in the collection at OpenSea and you could also be a part of the collection! You can set up your own personal market on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials are familiar with it but not exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible currency that is very unique and can’t be changed. This can be an item of any rarity like rare baseball trading cards in mint condition or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you can sell online. In simpler terms, you could just imagine an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you posted to the market place, but you’re offering it for sale. Typically, this is official after you fill in the correct information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and creating a collection to start! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use for it (e.g., blockchain, payments tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
It is possible to wait and see how transactions progress from now on to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself the kind of NFTs you shop for here, and what you could also sell if you decide to pursue that route. The kind of NFT it can be isn’t limited as there’s a variety of ways to go about it.
You can be selling digital items, trading cards games domain names, some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the others. There’s no cost for gas when you use this feature to create and market NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t have to spend on any additional charges.
Not many NFT marketplaces provide this feature, so this can be a fantastic way to make a huge profit from your collection.
This Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer benefits by referring your friend to OpenSea! If you refer a friend to join OpenSea and then purchase 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 don’t have the same feature and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available on both iOS as well as Android. Even though you can’t buy or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Ventures Medium
You can swap your fiat currency using a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than others. Since it is built mainly using an ETH blockchain, any wallets that share that network will be suitable for this website.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency with a credit card. Nft Ventures Medium
To learn more about it to learn more, check out their FAQs for the steps you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% for artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Ventures Medium
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online to receive cryptocurrency as a method of payment. It’s a great option for artists who want to use the platform to market NFTs due to its no cost of gas and the low commission rate that you have to pay.
You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year 2018. Because its system is built on blockchain technology, it is safe to claim that your transactions are protected and secured.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed next to your account or collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How can 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 considered to be reasonably low compared to other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and other sites to provide the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app from OpenSea available for both iOS and Android. Install it from their app store, and then you can begin exploring the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).