The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto-coins. Marketplaces are popping up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and discover the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, 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 Auctions
The goal to create OpenSea was to simply provide a platform/marketplace for artists to upload their commissions, without having to pay any additional costs. It also has additional functions which allow you to market your work without having to deal with many issues.
In terms of the registration process, you don’t have to worry about giving any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It is also based using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains that are available, you can choose which one you’d like to transfer your NFT to as a seller. This is to ensure the security of your NFT as well as those who wish to purchase it. All transactions are made by using the blockchain, which is why you need to think about 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 buy anything just a domain name to official art from an artist that you admire. Anyone can become a seller however it takes some time before anyone can become a reputable one.
There’s a huge selection of NFTs available at OpenSea and you could become a part of that! You can start your own personal market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but not exactly sure what it is. 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 new things you can buy is an NFT. The NFT is a non-fungible currency which is extremely exclusive and cannot be substituted. It could be an item of any rareness like mint-condition baseball trading cards or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. It is simpler to just consider an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the marketplace, and you’re offering it for sale. Usually, this is recognized after you fill in the correct information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and simply create a collection! Input the appropriate and complete information about your NFT and then select what type of settings you’d like for it (e.g. blockchain and payment tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from here on out to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about the kind of NFTs you shop for here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT it can be is indefinite because there’s a wide range of how you can go about it.
You could be selling digital products, trading cards game assets, domain names, and some physical items! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees for using this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t have to spend on additional fees.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your portfolio.
A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, which means you can make more money by this method.
Other NFT marketplaces do not have this feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as 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
Numerous cryptocurrency exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency on these platforms. OpenSea Auctions
You can swap your fiat money via 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 cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly around an ETH blockchain, wallets which are part of this network are appropriate for the site.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage and the ability to purchase cryptocurrency using credit cards. OpenSea Auctions
To know more about it You can go through their FAQs to get an overview of how you can start and which other 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 an exception to this. You can view its pros and cons here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- It is not possible to buy or sell items through the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee 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 Auctions
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its no gas costs and the low commission rate which you are required 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 legitimate and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year of 2018. Since its system is built on blockchain technology and is secured, it is safe to say that your transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will appear on your account or any collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is frequently utilized on this website and other sites to provide the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on 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 mentioned before there’s an official mobile app from OpenSea available for both iOS and Android. You can download it through their app store and you can start exploring the collection now!
A version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and get 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/).