Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. Markets have popped up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s explore the possibilities of 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 review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Vs Smart Contract
The purpose for OpenSea was to offer artists with a marketplace/platform to upload their commissions without any extra costs. There are additional features which allow you to market your work without having to deal with many problems.
In terms of registration, you won’t have to worry about giving any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used on 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 operates on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains it is possible to choose which one you would like to upload your NFT on as a seller. This ensures the safety of your NFT, along with the people who want to purchase it. Every transaction will be conducted by using the blockchain, and you must 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 cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes a while before anyone can become an established seller.
There is a wide variety from the selection on OpenSea and you could also be a part of this! You can create your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible token which is extremely unique and can’t be replaced. This can be a piece of rareness like mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object that you can sell online. In simpler terms, you could just think of an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You are calling ownership over that particular token/item that you have uploaded to market, as you’re putting it up for sale. Typically, this is official when you have filled in the correct information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and simply making a collection to begin! Fill out the proper and accurate information about your NFT and select the type of settings you want for it (e.g., blockchain, money transfer tokens). After you’ve completed the process then you’re able to upload it, if it’s within the 100 MB limit.
You can watch and see how the transactions go from now to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering which kind of NFT can be purchased here and what you can sell should you decide to pursue that route. The kind of NFT that you can purchase isn’t limited as there’s a variety of how you can go about it.
It is possible to sell digital items, trading cards games, domain names, and some physical items! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the others. There are no gas costs for using this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t need to spend on extra fees.
Not many NFT marketplaces have this feature, so this is a great way to make a huge profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, letting you make more money through this action.
Other NFT marketplaces don’t have the same feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for both iOS and Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Vs Smart Contract
You can exchange your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and more!
Each of them has the option of converting them into ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than others. Because it is based around the ETH blockchain, any wallets with a connection to that network will be suitable for this site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only, and the function to buy cryptocurrency using the credit card. Nft Vs Smart Contract
To learn more about it, you can check their FAQs to get an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- You cannot buy or sell products on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is accessible to everyone 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 quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Vs Smart Contract
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online to receive cryptocurrency as their form of payment. It’s a great option for artists who want to use it to sell NFTs due to its no gas costs and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace and you must go through it!
Is OpenSea real and safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year 2018. Since its system is built on blockchain technology and is secured, it is safe to declare that transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will appear next to your account or collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are protected.
How can I earn royalties from OpenSea?
As an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared against the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as many others to accommodate many more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As mentioned before There is an official mobile app from OpenSea that is available for iOS as well as Android. You can download it through their app store, and then you can begin exploring the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications about updates to your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).