The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto currency. Markets have popped up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Axie
The purpose to create OpenSea was to simply provide an online marketplace for artists to upload commissions without any extra fees. It also has additional functions that let you sell your artwork without any difficulties.
In terms of registration, you won’t have to provide all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for most processes. It is also based using the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains that are available it is possible to choose which one you would like to publish your NFT as an seller. This is to ensure the security of your NFT, along with those who wish to buy it. Every transaction will be conducted along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork by an artist you admire. Anyone can become a seller, but it takes some time before anyone can become an established one.
There are a variety of NFTs from the selection on OpenSea, and you can become a part of the collection! You can set up your own market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency industry the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible token that is very unique and can’t be changed. It could be an item of any rareness, such as authentic baseball cards or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. It is simpler to just imagine an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. You are calling the ownership of the particular item you uploaded on the market place, but you’re offering it for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and simply create a collection! Fill out the proper and accurate information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain, money transfer tokens). After that you are able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering which kind of NFT can be purchased here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it is indefinite since there’s a broad range of how you can approach it.
You could be selling digital products, trading cards game assets domain names, some physical items! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There’s no cost for gas when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces offer this feature, and it is great for you to earn a high return from your collection.
This Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, letting you make more money through this action.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available for both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use, and you can exchange your fiat money for cryptocurrency on these platforms. OpenSea Axie
You can swap your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and more!
All of these have the option of exchange for ETH, which is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than other. Since it is built on an ETH blockchain, any wallets that share that network will be suitable for the site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only, and the function to purchase cryptocurrency using the credit card. OpenSea Axie
To learn more about it to learn more, check out their FAQs to get the steps you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available for iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalties).
- You cannot buy or sell products via the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has 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 actively sell because there’s no additional cost for it.
Frequently Asked Questions OpenSea Axie
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its no gas costs and the low commission rate that you have to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea legit & safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded at the end of the year 2018. Because its system is built on blockchain technology and is secured, it is safe to declare that transactions are safe and secure.
In addition, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed next to your account or collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is widely used on this site and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store, and you can start exploring the collection now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app, 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/).