Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and discover what you can do with OpenSea, along with checking 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Oneof Nft
The purpose of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions with no additional fees. It has more functions which allow you to market your work without having to deal with many difficulties.
When it comes to registration, you don’t need to provide any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It also functions with the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT and those who would like to buy it. All transactions are made along with this blockchain, so you should 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 exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to an official artwork by an artist you admire. Anyone can sell, but it takes a while before anyone can become an established seller.
There is a wide variety from the selection of NFTs available at OpenSea, and you can join in with this! You can create your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy includes an NFT. The NFT is a token that is non-fungible which is extremely individual and cannot be changed. It could be an item of any rareness, such as rare baseball trading cards in mint condition, or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can just consider as an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the market place, but putting it up for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and add it on the market.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain and payments tokens). After that, you can finally upload it if it fits the limit of 100MB.
You can wait and observe the way transactions are handled from now on to see whether OpenSea is the marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering the kind of NFTs can be found here, and what you could also sell if you choose to go that route. The kind of NFT it can be isn’t limited as there’s a variety of how you can do it.
You can be selling digital items, trading cards, game assets, domain names, and also physical goods! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs when you use this feature when you create and market NFTs. This simply means that you’ll be able to make the highest profits once you sell because you don’t need to pay on extra fees.
There aren’t many NFT marketplaces have this feature, which is why this is great for you to receive high profit from your portfolio.
The Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces that offer rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, letting you earn more cash by this method.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
The mobile apps of OpenSea are available for both iOS in addition to Android. Even though you can’t buy or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency on these platforms. Oneof Nft
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built around an ETH blockchain, wallets that share this network are appropriate for this site.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. Oneof Nft
To learn more about it to learn more, check out their FAQs for an overview of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Oneof Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online and receive cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs due to its low gas costs and low commission fee rate you must pay.
You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established at the end of 2018. Because its system is based on a blockchain, it is safe to say that your transactions are secure and safe.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed on your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded 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 widely used on this site and numerous others to cater for more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS as well as Android. Install it from their app store and begin exploring the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts and receive alerts on any updates that affect 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/).