Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. Markets have popped up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Vs Kratky
The purpose to create OpenSea was to simply provide artists with a marketplace/platform to upload their commissions without any extra fees. It has more functions that allow you to sell your artwork without any issues.
For the registration process, you don’t have to worry about giving all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also operates with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains available you can pick which one you would like to transfer your NFT to as an seller. This ensures the safety of your NFT, along with those who wish to purchase it. All transactions are made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can be a seller, but it takes time for anyone to be a reputable one.
There is a wide variety in the collection at OpenSea and you can also be a part of that! You can set up your own market on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it is. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can buy includes an NFT. An NFT is a non-fungible currency that is very unique and can’t be substituted. It could be an item of any rareness, such as mint-condition baseball trading cards, or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item that you sell on the internet. More straightforwardly, you can just consider an NFT as a digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You’re claiming ownership over that particular token/item you uploaded on market, as you’re selling it. Usually, this is recognized once you fill out the proper information regarding the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and then create a collection! Complete the correct and correct information regarding your NFT and then select what type of settings you want to use it with (e.g. blockchain or money transfer tokens). After that, 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 whether OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering what kind of NFTs be purchased here and what you can also sell if you choose to go down that path. The type of NFT that you can purchase is indefinite since there’s a broad range of options for how to approach it.
You can be selling trade cards, digital goods games, domain names, and even physical assets! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the other options. There are zero gas fees when you utilize this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t have to spend on any additional charges.
Very few NFT marketplaces have this feature, and it is a great way to earn a high return from your portfolio.
This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you earn more cash through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency through these platforms. Nft Vs Kratky
You can swap the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
All of them have the option of exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly around the ETH blockchain, wallets with a connection to that network will be suitable for this site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. Nft Vs Kratky
For more information about the service to learn more, check out their FAQs for a rundown of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. 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 are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- It is not possible to buy or sell items via the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Vs Kratky
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online to receive cryptocurrency as a method of payment. It’s an ideal platform for artists who use it to sell NFTs due to its low cost of gas and low commission fee rate which you are required to pay.
You can browse and shop for an array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of the year 2018. Because its system is built on blockchain technology and is secured, it is safe to say that your transactions are safe and secure.
Additionally as a seller you can become verified once you build up your reputation. A blue checkmark will be assigned on your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.
How do I earn royalties from OpenSea?
As an artist, you will get only 10 percent of the royalties when you upload the NFT. This is thought to be quite low in comparison with the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as other sites to provide the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile application from OpenSea for both iOS and Android. You can download it through their app store, and begin exploring the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and receive 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/).