The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto coins. Marketplaces are popping up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s see what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Api Doc
The aim for OpenSea was to simply provide a platform/marketplace for artists to upload their commissions, without having to pay any additional costs. There are additional features that allow you to sell your work without having to deal with many issues.
For the registration process, you don’t have to worry about giving too many details about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most well-known 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 to carry out the majority of processes. It is also based with the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains available it is possible to choose which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT and those who would like to buy it. All transactions will be made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist you admire. Anyone can sell however, it takes time before anyone can become an established one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you can become a part of the collection! You can set up your own marketplace on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. A NFT is a token that is non-fungible which is extremely individual and cannot be replaced. This can be an item of any rareness, such as mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can just consider an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the marketplace, and you’re offering it for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and then submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and create a collection! Input the appropriate and complete information about your NFT and select the type of settings you’d like for it (e.g. blockchain or money transfer tokens). After you’ve completed the process, you can finally upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to see if OpenSea is the best marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself what kind of NFTs can you shop for here, and what you could sell should you decide to go that route. The kind of NFT that you can purchase is unlimited since there’s a broad range of options for how to go about it.
You can be selling trade cards, digital goods game assets domain names, also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from the other options. There are zero gas fees when you use this feature when you create and market NFTs. This means you’ll get the most profit when you begin selling since you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, which is why this can be a fantastic way to earn a high return from your collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages when you refer your 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 earn more money through this action.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea has over the other 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 items as you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency on these platforms. OpenSea Api Doc
You can convert your fiat currency using a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option of converting them into ETH which is the most common crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly on the ETH blockchain, all wallets which are part of the same network are suitable for this site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency with credit cards. OpenSea Api Doc
To learn more about it, you can check their FAQs for a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions OpenSea Api Doc
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists using for selling NFTs because of its zero gas costs and low commission fee rate you must pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legit & safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
Additionally as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned to your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are secure.
How can I earn royalties from OpenSea?
As an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is believed to be quite low in comparison to the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and other sites to provide more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before, there is definitely an official mobile application from OpenSea available for both iOS as well as Android. Install it from their app store, and begin browsing through the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts as well as receive notifications about updates to 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/).