The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s see what you can do with OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea 3D
The aim for OpenSea was to provide artists with a marketplace/platform to upload commissions without any extra fees. There are additional features that let you sell your artwork without any difficulties.
For registration, you don’t need to give too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also operates on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains available, you can choose which one you want to publish your NFT as seller. This is to ensure the security of your NFT and the people who want to buy it. All transactions will be made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist that you admire. Anyone can sell however, it takes time for anyone to become an established seller.
There’s a huge selection of NFTs available on OpenSea, and you can become a part of this! You can create your own personal market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible token that is unique and can’t be replaced. This can be an item of any rarity like authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible object you’re selling on the internet. It is simpler to just think of the NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal 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 becomes official once you fill out the proper information regarding the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and then creating a collection to start! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g. blockchain or payments tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.
It is possible to wait and see how transactions progress from now to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about the kind of NFTs can you shop for here, and what you could sell should you decide to go that route. The kind of NFT it isn’t limited as there’s a variety of ways to go about it.
You could be selling digital products, trading cards game assets, domain names, and even physical assets! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from other companies. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces offer this feature, and it can be a fantastic way to receive high profit from your collection.
This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets, you can receive benefits by referring someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, which allows you to earn more cash from this act.
Other NFT marketplaces don’t offer this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS as well as Android. Even though you can’t buy or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use to trade your fiat currency for cryptocurrency through these platforms. OpenSea 3D
You can convert your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than other. Since it is built on an ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, only mobile usage, and the function to purchase cryptocurrency with credit cards. OpenSea 3D
For more information about the service to learn more, check out their FAQs for the steps you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea 3D
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use the platform to market NFTs because of its zero gas fees and low commission fees that you have to pay.
You can shop and browse the vast array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established in the year of 2018. Since the system it operates on is based on a blockchain that is secure, you can declare that transactions are safe and secure.
In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned next to your account or any collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been commonly used on this site and many others to accommodate many more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on 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 app?
As mentioned before, there is definitely an official mobile application from OpenSea available for both iOS and Android. You can download it through their app store, and then you can begin browsing through the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and receive notifications on updates regarding 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/).