The cryptocurrency market is on the rise and you’re probably thinking 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 via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s see the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea About
The goal to create OpenSea was to provide artists with a marketplace/platform to upload commissions with no additional fees. It has more functions that let you sell your work without having to deal with many difficulties.
In terms of registration, you don’t need to give too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also functions with the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains it is possible to choose which one you would like to upload your NFT on as seller. This will ensure the security of your NFT as well as those who would like to buy it. All transactions are made by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to official art by an artist you admire. Anyone can become a seller however, it takes time for anyone to become an established one.
There is a wide variety from the selection at OpenSea, and you can join in with that! You can set up your own marketplace there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but not exactly sure what it actually means. Let’s break down what an 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 individual and cannot be substituted. It can be an item of any rarity like mint-condition baseball trading cards or unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can simply think of as an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the owner of the item or token you uploaded on the marketplace, and selling it. Typically, this is official after you fill in all the necessary information about the NFT and finally add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then making a collection to begin! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain and payments tokens). After that then you’re able to upload it if it fits the 100 MB limit.
You can watch and see how transactions progress from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself which kind of NFT can be purchased here and what you can also sell if you decide to go down that path. The kind of NFT that you can purchase is indefinite since there’s a broad range of ways to go about it.
You could be selling digital items, trading cards games domain names, some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the others. There are no gas costs when you use this feature to create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t need to spend on extra fees.
Not many NFT marketplaces offer this feature, which is why this can be a fantastic way to make a huge profit from your collection.
The Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive advantages by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which allows you to make more money by this method.
Other NFT marketplaces do not have the same feature This is a further benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available for both iOS in addition to Android. While you’re not able to buy or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency using these platforms. OpenSea About
You can convert your fiat currency using a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option of exchange for ETH which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based around the ETH blockchain, wallets with a connection to the same network are suitable for this site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only, and the function to buy cryptocurrency using credit cards. OpenSea About
To learn more about it You can go through their FAQs for the steps you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- You cannot buy or sell products through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea About
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online to receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use it to sell NFTs because of its zero cost of gas and low commission fees that you have to pay.
You can browse and shop for an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year 2018. Since the system it operates on is built on blockchain technology, it is safe to declare that transactions are protected and secured.
In addition, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned to your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties from OpenSea?
As an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared against other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site and many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase 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 trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before there’s an official mobile app from OpenSea available for both iOS or Android. You can download it through their app store, and you can start browsing through the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and receive notifications on updates regarding 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/).