The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto-coins. Markets have popped up all over the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s explore 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Auction Rules
The purpose to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional fees. There are additional features that allow you to sell your artwork without any problems.
For the registration process, you don’t have to give all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used to carry out the majority of processes. It also functions using the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains that are available you can pick which one you would like to upload your NFT on as a seller. This will ensure the security of your NFT, along with the people who want to buy it. Every transaction will be conducted along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to an official artwork by an artist you admire. Anyone can sell however, it takes time before anyone can become an established seller.
There are a variety of NFTs in the collection on OpenSea and you can become a part of this! You can start your own marketplace there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry, the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. The NFT is a token that is non-fungible that is unique and can’t be changed. It could be a piece of rareness, such as mint-condition baseball trading cards or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible thing that you sell on the internet. It is simpler to just consider as an NFT as a digital item paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming ownership over that particular token/item that you posted to market, as offering it for sale. Typically, this is official once you fill out all the necessary information about the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and making a collection to begin! Fill out the proper and accurate information about your NFT and select the type of settings you want for it (e.g., blockchain and payment tokens). After that then you’re able to upload it if it fits the 100 MB limit.
It is possible to wait and see how the transactions go from now on to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering which kind of NFT be found here, and what you could sell should you decide to go that route. The kind of NFT it isn’t limited because there’s a wide range of options for how to do it.
You could be selling trade cards, digital goods games, domain names, and even physical assets! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from the other options. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t need to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, so this is great for you to make a huge profit from your portfolio.
The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, letting you earn more cash through this action.
Other NFT marketplaces don’t have this kind of feature either and that’s another benefit OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as 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
Numerous cryptocurrency exchange platforms are to you, and you can convert your fiat money into cryptocurrency on these platforms. OpenSea Auction Rules
You can swap your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of these have the option of exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than others. Since it is built mainly using the ETH blockchain, all wallets with a connection to that network will be suitable for this website.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. OpenSea Auction Rules
To know more about it, you can check 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, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- It is not possible to buy or sell items via the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea Auction Rules
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 due to its no gas fees and the low commission rate that you have to pay.
You can browse and purchase an array of digital items on the NFT marketplace and you must check it out!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception in 2018. Since its system is built on blockchain technology and is secured, it is safe to claim that your transactions are protected and secured.
Additionally as a seller you can become verified once you have built up your credibility. A blue checkmark is placed to your account or the collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure users are secure.
How do I earn royalties from OpenSea?
As an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared with others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile app by OpenSea for both iOS and Android. You can download it through their app store, and then you can begin exploring the collection now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and 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/).