The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto-coins. Markets have popped up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto 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 security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see the NFTs that you can see!
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.
OpenSea as an NFT Marketplace OpenSea App
The goal to create OpenSea was to simply provide a platform/marketplace for artists to upload commissions without any extra fees. There are additional features that let you sell your art without too many difficulties.
In terms of the registration process, you don’t have to give any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It also operates using the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you want to upload your NFT on as seller. This will ensure the security of your NFT, along with the people who want to purchase it. All transactions are made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything 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 be an established seller.
There are a variety of NFTs from the selection at OpenSea and you can become a part of this! You can set up your own marketplace there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t exactly sure what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency that is very unique and can’t be replaced. It could be a piece of rareness like mint-condition baseball trading cards or uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item that you sell on the internet. It is simpler to just imagine as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You are calling ownership over that particular token/item that you have uploaded to market, as you’re putting it up for sale. Typically, this is official when you have filled in the correct information about the NFT and submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and simply making a collection to begin! Fill out the proper and complete information about your NFT and select the type of settings you want to use it with (e.g., blockchain and money transfer tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering the kind of NFTs can you shop for here and what you can also sell if you decide to pursue that route. The type of NFT it can be is unlimited because there’s a wide range of options for how to do it.
You can be selling digital products, trading cards games, domain names, and some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the other options. There are no gas costs when you utilize this feature when you 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 won’t need to spend on extra fees.
Not many NFT marketplaces provide this feature, so this is a great way to earn a high return from your collection.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces there are rewards when you refer a friend to OpenSea! If you invite 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 earn more money through this action.
Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse 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 on the two platforms of 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
A variety of cryptocurrency exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency using these platforms. OpenSea App
You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
All of them have the option to exchange for ETH which is the primary crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly on an ETH blockchain, wallets which are part of this network are appropriate for this site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. OpenSea App
To know more about it You can go through their FAQs to see the steps you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available for iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- A Crypto account is needed for this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto 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 recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions OpenSea App
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online, and to accept cryptocurrency as a form of payment. It’s an ideal option for artists who want to use it to sell NFTs because of its zero gas fees and low commission fee rate which you are required to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception 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.
Additionally as a seller you will be verified after you build up your reputation. A blue checkmark is placed to your account or the collection you’ve uploaded to ensure the safety of any 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 can be paid only 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison to others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be widely used on this site and many others to accommodate the increasing number of cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea that is available for iOS or Android. Download it at their respective app store and begin exploring the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application, you can 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/).