The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto coins. Markets have popped up across the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Get on board, and discover 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. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Account
The goal of OpenSea was to offer an online marketplace for artists to upload their commissions without any extra charges. It also has additional functions that let you sell your work without having to deal with many problems.
For registration, you don’t need to provide any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It also operates on the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains, you can choose which one you want to publish your NFT as a seller. This ensures the safety of your NFT, along with the people who want to purchase it. Every transaction will be conducted using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can be a seller, but it takes a while for anyone to be an established one.
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 on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible token that is very individual and cannot be replaced. This can be an item of rareness like authentic baseball cards or rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you sell online. It is simpler to just consider the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming the ownership of the particular item that you have uploaded to market, as selling it. Usually, this is recognized once you fill out the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and create a collection! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain and payments tokens). After that you are able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how the transactions go from now on to see if OpenSea is the best marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering the kind of NFTs can be found here and what you can also sell if you decide to pursue that route. The type of NFT that you can purchase is unlimited since there’s a broad range of ways to approach it.
It is possible to sell digital items, trading cards games, domain names, and even physical assets! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from other companies. There are no gas costs for using this feature to create and market NFTs. This means you’ll get the most profit when you start selling because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to make a huge profit from your collection.
A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there, 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, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. While you’re not able to buy or sell things, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency using these platforms. OpenSea Account
You can exchange your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and other things!
All of them have the option of converting them into ETH which is the primary crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nevertheless more compatible than others. Because it is based around an ETH blockchain, any wallets which are part of the same network are suitable for the site.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only, and the function to purchase cryptocurrency using a credit card. OpenSea Account
To learn more about it, you can check their FAQs to get the steps you can start 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 drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available that are compatible with iOS as well as 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% to artists (low royalty).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its method of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea Account
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way for selling their artwork online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists using it to sell NFTs due to its low gas fees and low commission fees that you have to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of the year of 2018. Since the system it operates on is based on a blockchain, it is safe to declare that transactions are secure and safe.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed to your account or any collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you can get only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been commonly used on this site and numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned, there is definitely an official mobile app from OpenSea for both iOS and 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 that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts as well as receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).