The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto coins. Marketplaces are popping up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nftg #4
The purpose to create OpenSea was to offer an online marketplace for artists to upload their commissions, without having to pay any additional fees. It has more functions that allow you to sell your work without having to deal with many difficulties.
In terms of registration, you don’t need to provide any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency 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 to carry out the majority of processes. It also operates on the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains available it is possible to choose which one you would like to upload your NFT on as a seller. This will ensure the security of your NFT, along with the people who want to buy it. All transactions will be made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange 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 become a seller however, it takes a while for anyone to become an established seller.
There is a wide variety from the selection at OpenSea and you could also be a part of the collection! You can start your own market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in 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 is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible token that is unique and can’t be replaced. This can be an item of rareness like rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you can sell online. More straightforwardly, you can simply imagine an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You’re claiming ownership over that particular token/item you uploaded on the marketplace, and offering it for sale. Typically, this is official once you fill out the correct information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and then create a collection! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain and payments tokens). Once that’s all done then you’re able to upload it, if it’s within the limit of 100MB.
You can watch and see the way transactions are handled from now to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering the kind of NFTs you shop for here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it can be isn’t limited as there’s a variety of options for how to approach it.
You could be selling trade cards, digital goods games domain names, even physical assets! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the others. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This means you’ll get the most profit when you start selling because you don’t need to pay on extra fees.
Not many NFT marketplaces have this feature, so this can be a fantastic way to make a huge profit from your portfolio.
A Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer a friend 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 earn more cash by this method.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use to exchange your fiat money for cryptocurrency through these platforms. Nftg #4
You can convert your fiat currency using a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
Each of them has the option of converting them into ETH that is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than others. Because it is based using the ETH blockchain, any wallets with a connection to that network will be suitable for this website.
Here’s a list of various crypto wallets that which you can use with 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 including simple registration, mobile-only usage as well as the capability to buy cryptocurrency using a credit card. Nftg #4
To know more about it You can go through their FAQs to see an overview of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps for iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- Cannot buy or sell via this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees 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 Nftg #4
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online to receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its low gas costs and the low commission rate you must pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year 2018. Since the system it operates on is built on blockchain technology, it is safe to claim that your transactions are secure and safe.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned to your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is thought to be a reasonable amount compared to others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as other sites to provide more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS or Android. Download it at their respective app store, and then you can begin exploring the collection now!
The desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).