Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto currency. Markets have popped up all over the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is among them and is worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It has become one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea as well as examining 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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea 7 Speakeasies 7 Nights
The aim for OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions with no additional costs. There are additional features which allow you to market your work without having to deal with many problems.
When it comes to the registration process, you don’t have to provide too many details about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without many hurdles as you walk 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 this is used to carry out the majority of processes. It also functions with the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains available, you can choose which one you want to upload your NFT on as seller. This will ensure the security of your NFT, along with those who would like to buy it. Every transaction will be conducted along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to official art by an artist you admire. Anyone can sell however it takes a while for anyone to become an established one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you can join in with this! You can create your own personal market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto 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 have heard of it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible currency that is individual and cannot be substituted. This can be an item of any rareness, such as mint-condition baseball trading cards or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible object you’re selling online. More straightforwardly, you can just consider an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming ownership over that particular token/item you uploaded on market, as you’re offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and simply creating a collection to start! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain, payments tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how the transactions go from now to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about which kind of NFT you shop for here and what you can also sell if you decide to go that route. The kind of NFT that you can purchase isn’t limited because there’s a wide range of ways to approach it.
You can be selling trade cards, digital goods, game assets domain names, some physical items! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from other companies. There are zero gas fees when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t need to spend on any additional charges.
Not many NFT marketplaces offer this feature, so this is great for you to receive high profit from your portfolio.
The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to make more money by this method.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available on both iOS and Android. Even though you can’t buy or sell something, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to trade your fiat currency for cryptocurrency on these platforms. OpenSea 7 Speakeasies 7 Nights
You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option of converting them into ETH, which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than other. Since it is built mainly on the ETH blockchain, wallets with a connection to that network will be suitable for this website.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. OpenSea 7 Speakeasies 7 Nights
To know more about it, you can check their FAQs for an overview of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Available as mobile apps that are compatible with iOS or 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 world and NFTs.
- Allows royalties 10% to artists (low royalty).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions OpenSea 7 Speakeasies 7 Nights
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to sell their works online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists using the platform to market NFTs due to its low gas fees and low commission fee rate which you are required to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Because its system is built on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
Furthermore as a seller you will be verified after you build up your reputation. A blue checkmark will appear to your account or the collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties from OpenSea?
As an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and many others to accommodate many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier there’s an official mobile app from OpenSea for both iOS or Android. Download it at their respective app store and begin exploring the collection now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and receive notifications about updates to 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/).