The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s explore the possibilities of OpenSea and also see the NFTs available to view!
Before you go on, you may want to check out 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 of OpenSea.
OpenSea as an NFT Marketplace OpenSea Activity
The purpose to create OpenSea was to offer a platform/marketplace for artists to upload their commissions without any extra costs. It also has additional functions that let you sell your art without too many difficulties.
In terms of registration, you won’t have to give all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also functions with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains it is possible to choose which one you would like to transfer your NFT to as a seller. This will ensure the security 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 consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist that you admire. Anyone can become a seller however it takes a while for anyone to become a reputable one.
There is a wide variety in the collection at OpenSea, and you can join in with the collection! You can set up your own market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials have heard of it but not exactly sure what it means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible token that is very individual and cannot be replaced. This can be an item of rarity like rare baseball trading cards in mint condition or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could just think of the NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming the owner of the item or token that you posted to the market place, but 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 very simple procedure to create your own NFTs. All you have to do is visit the store and creating a collection to start! Input the appropriate and correct information regarding your NFT and select the type of settings you want to use it with (e.g. blockchain or money transfer tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled from now on to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about the kind of NFTs be purchased here, and what you could also sell if you decide to go that route. The type of NFT it can be is indefinite as there’s a variety of how you can do it.
It is possible to sell trade cards, digital goods game assets domain names, also physical goods! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the others. There are zero gas fees when you utilize this feature to create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you don’t need to pay on any additional charges.
Not many NFT marketplaces provide this feature, so this is great for you to earn a high return from your portfolio.
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can earn more money by this method.
Other NFT marketplaces don’t have this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can convert your fiat money into cryptocurrency on these platforms. OpenSea Activity
You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option of converting them into ETH which is the standard crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Because it is based on the ETH blockchain, all wallets that share the same network are suitable for the site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency using a credit card. OpenSea Activity
To know more about it to learn more, check out their FAQs to see a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- Cannot buy or sell via this mobile application.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is available to anyone 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. In the end, you’ll quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions OpenSea Activity
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to sell their works online and receive cryptocurrency as a form of payment. It’s a great platform for artists using the platform to market NFTs due to its no cost of gas and low commission fees you must pay.
You can shop and browse the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was founded in the year of 2018. Since its system is built on a blockchain, it is safe to claim that your transactions are secure and safe.
Furthermore, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will appear on your account or any collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison against others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is commonly used on this site and many others to accommodate more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier There is an official mobile application from OpenSea available for both iOS and Android. You can download it through their app store and begin browsing through the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).