Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. Markets have popped up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and discover what you can do with OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nftables.D
The purpose to create OpenSea was to provide an online marketplace for artists to upload their commissions, without having to pay any additional costs. There are additional features that allow you to sell your work without having to deal with many issues.
For registration, you don’t need to worry about giving all of your personal details. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It also operates on the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains that are available it is possible to choose which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT and those who wish to purchase it. All transactions will be made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s 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 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’s a huge selection in the collection on OpenSea, and you can become a part of that! You can start your own personal market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can buy is an NFT. An NFT is a non-fungible token that is exclusive and cannot be substituted. It can be an item of any rarity like mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can simply imagine an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling the ownership of the particular item that you have uploaded to the marketplace, and you’re putting it up for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g. blockchain, payment tokens). Once that’s all done, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see how the transactions go from now on to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself what kind of NFTs can you shop for here, and what you could also sell if you decide to go that route. The type of NFT that you can purchase is indefinite as there’s a variety of how you can approach it.
You can be selling trade cards, digital goods, game assets domain names, some physical items! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the others. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces have this feature, which is why this is a great way to earn a high return from your NFT collection.
The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps of OpenSea are available on both iOS as well as Android. Although you aren’t able to purchase or sell something, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency using these platforms. Nftables.D
You can exchange the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of exchange for ETH that is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than others. Because it is based using the ETH blockchain, all wallets which are part of that network will be suitable for this site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The 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 function to buy cryptocurrency using the credit card. Nftables.D
For more information about the service, you can check their FAQs for an overview of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has 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 for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- Cannot buy or sell through this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nftables.D
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its no cost of gas and low commission fees which you are required to pay.
You can shop and browse the vast array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year of 2018. Because its system is built on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark is placed on your account or any collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you can get only 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared to other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and numerous others to cater for more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier there’s an official mobile application from OpenSea available for both iOS as well as Android. You can download it through their app store, and then you can begin exploring the collection now!
A version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).