Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto, you’ve likely heard of 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 quick transactions.
Now hop aboard, and let’s explore what you can do with OpenSea as well as examining 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. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Vs Crypto
The goal for OpenSea was to provide a platform/marketplace for artists to easily upload their commissions with no additional charges. It has more functions that let you sell your artwork without any problems.
When it comes to the registration process, you don’t have to give all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It also functions on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains that are available you can pick which one you want to publish your NFT as an seller. This will ensure the security of your NFT as well as those who would like to buy it. All transactions are made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can sell however it takes some time before anyone can become an established seller.
There are a variety of NFTs in the collection on OpenSea and you could also be a part of this! You can start your own marketplace on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible currency that is individual and cannot be substituted. It could be a piece of rareness like mint-condition baseball trading cards or rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could simply consider an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but you’re putting it up for sale. Usually, this becomes official when you have filled in the correct information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and creating a collection to start! Complete the correct and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain or payments tokens). After you’ve completed the process, you can finally upload it if it fits the limit of 100MB.
You can wait and observe the way transactions are handled from now on to see if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself which kind of NFT can be purchased here and what kind of NFTs you can also sell if you choose to pursue that route. The type of NFT that you can purchase is unlimited since there’s a broad range of options for how to do it.
It is possible to sell digital products, trading cards, game assets, domain names, and even physical assets! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from other companies. There are no gas costs when you utilize this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you start selling because you don’t need to pay on any additional charges.
Very few NFT marketplaces offer this feature, which is why this is a great way to receive high profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more cash by this method.
Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for both iOS in addition to Android. While you’re not able to buy or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency through these platforms. Nft Vs Crypto
You can swap your fiat currency using a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
All of these have the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built on an ETH blockchain, all wallets with a connection to this network are appropriate for this site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only and the ability to purchase cryptocurrency using a credit card. Nft Vs Crypto
To know more about it to learn more, check out their FAQs for an overview of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is open 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. But overall, you can quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Vs Crypto
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use the platform to market NFTs because of its zero gas costs and low commission fee rate you must pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded in the year 2018. Since its system is built on a blockchain that is secure, you can declare that transactions are secure and safe.
Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark will be assigned on your account or the collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are protected.
How can I earn royalties on OpenSea?
As an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared to others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is widely used on this site as well as many others to accommodate the increasing number of cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier There is an official mobile app from OpenSea available for both iOS or Android. You can download it through their app store and you can start exploring the collection now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and get notifications about updates to 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/).