The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re interested in crypto you’ve likely heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to watch 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 OpenSea 100M
The purpose of OpenSea was to simply provide artists with a marketplace/platform to upload their commissions without any extra costs. It also has additional functions that allow you to sell your art without too many difficulties.
In terms of the registration process, you don’t have to worry about giving any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most popular 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 this is used to carry out the majority of processes. It also operates using the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains, you can choose which one you would like to publish your NFT as a seller. This ensures the safety of your NFT as well as those who would like to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange 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 be a seller, but it takes a while before anyone can become a reputable one.
There is a wide variety in the collection of NFTs available at OpenSea and you could join in with this! You can set up your own marketplace there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but not exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can buy can be an NFT. The NFT is a token that is non-fungible which is extremely individual and cannot be substituted. This can be an item of any rarity like authentic baseball cards or unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you can sell online. In simpler terms, you could just consider the NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You are calling the owner of the item or token that you posted to market, as putting it up for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and simply creating a collection to start! Fill out the proper and correct information regarding your NFT and then select what type of settings you want to use it with (e.g. blockchain and money transfer tokens). After that, you can finally upload it if it fits the limit of 100MB.
It is possible to wait and see how transactions progress from here on out to see whether OpenSea is the marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering what kind of NFTs be found here and what you can also sell if you decide to go that route. The kind of NFT it isn’t limited since there’s a broad range of how you can approach it.
It is possible to sell digital items, trading cards game assets, domain names, and also physical goods! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the others. There’s no cost for gas for using this feature to make and then sell the NFTs. This means you’ll be able to make the highest profits once you sell because you won’t have to spend on any additional charges.
Very few NFT marketplaces offer this feature, and it is great for you to make a huge profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets that offer rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to earn more cash through this action.
Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available for both iOS as well as Android. While you’re not able to buy or sell anything, you can still explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. OpenSea 100M
You can convert your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of these have the option of exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than others. Because it is based on the ETH blockchain, all wallets with a connection to this network are appropriate for the site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only, and the function to buy cryptocurrency using credit cards. OpenSea 100M
To learn more about it to learn more, check out their FAQs for an overview of how you can get started and which other wallets work 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 pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a type of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea 100M
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists using it to sell NFTs due to its no gas costs and low commission fees you must pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace and you must check it out!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Because its system is built on blockchain technology, it is safe to declare that transactions are secure and safe.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed to your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How do I earn royalties from OpenSea?
As an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison to the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is commonly used on this site as well as other sites to provide many more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As previously mentioned there’s an official mobile application from OpenSea available for both iOS as well as Android. Download it at their respective app store, and begin exploring the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts as well as 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/).