Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping 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 previously for a valid reason. It’s one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s explore what you can do with OpenSea and also see 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Zr
The aim of OpenSea was to offer an online marketplace for artists to upload commissions with no additional charges. There are additional features that let you sell your work without having to deal with many problems.
When it comes to registration, you won’t have to give all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for most processes. It also functions on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains it is possible to choose which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT as well as the people who want to buy it. Every transaction will be conducted by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace 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 an official artwork from an artist that you admire. Anyone can sell however it takes a while for anyone to become a reputable one.
There is a wide variety from the selection at OpenSea, and you can also be a part of the collection! You can set up your own market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that many millennials have heard of it but not exactly sure what it means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy is an NFT. The NFT is a token that is non-fungible that is exclusive and cannot be changed. This can be a piece of rarity like authentic baseball cards, or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could just consider as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the market place, but selling it. Typically, this is official once you fill out all the necessary information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g., blockchain and money transfer tokens). After that you are able to upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from here on out to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about what kind of NFTs can be purchased here and what you can also sell if you choose to go down that path. The kind of NFT it can be isn’t limited as there’s a variety of options for how to do it.
You could be selling digital items, trading cards games domain names, also physical goods! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the others. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you don’t need to pay on additional fees.
Not many NFT marketplaces offer this feature, and it is great for you to earn a high return from your NFT collection.
The Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces that offer rewards by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you earn more cash through this action.
Other NFT marketplaces don’t have the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS and Android. While you’re not able to buy or sell something, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can exchange your fiat money for cryptocurrency through these platforms. Nft Zr
You can convert your fiat currency using a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
Each of them has the option of converting them into ETH, which is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than others. Since it is built mainly around the ETH blockchain, any wallets which are part of this network are appropriate for this website.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage as well as the capability to buy cryptocurrency using a credit card. Nft Zr
To know more about it to learn more, check out their FAQs to see a rundown of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about 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 industry and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Zr
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 their form of payment. It’s a great platform for artists using the platform to market NFTs due to its no gas costs and the low commission rate which you are required to pay.
You can browse and shop for an array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established in the year 2018. Since its system is based on a blockchain, it is safe to say that your transactions are safe and secure.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark will appear next to your account or collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison to other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and many others to accommodate many more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned, there is definitely an official mobile app by OpenSea that is available for iOS and Android. You can download it through their app store and then you can begin browsing through the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and receive alerts on any updates that affect 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/).