The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto currency. Markets have popped up all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Banner Dimensions
The goal of OpenSea was to simply provide artists with a marketplace/platform to upload commissions, without having to pay any additional costs. There are additional features which allow you to market your art without too many issues.
For the registration process, you don’t have to provide too many details 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 going through many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It is also based using the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains available it is possible to choose which one you would like to transfer your NFT to as a seller. This will ensure the security of your NFT, along with those who would like to purchase it. Every transaction will be conducted along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can be a seller however, it takes time for anyone to be an established one.
There is a wide variety of NFTs available on OpenSea and you can join in with that! You can set up your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t exactly sure what it is. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things you can buy is an NFT. The NFT is a non-fungible token that is very exclusive and cannot be substituted. This can be an item of any rareness, such as authentic baseball cards, or a unique vinyl album.
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 simply think of as an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling the ownership of the particular item that you posted to market, as selling it. Usually, this is recognized after you fill in the correct information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and create a collection! Complete the correct and complete information about your NFT and select the type of settings you’d like for it (e.g. blockchain and payments tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
You can wait and observe how the transactions go from now on to see whether OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself the kind of NFTs be purchased here and what you can sell should you decide to go down that path. The type of NFT that you can purchase isn’t limited as there’s a variety of ways to go about it.
You could be selling digital products, trading cards games, domain names, and some physical items! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the other options. There’s no cost for gas when you use this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, which is why this is a great way to receive high profit from your collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency on these platforms. OpenSea Banner Dimensions
You can convert the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
Each of them has the option of converting them into ETH which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built around the ETH blockchain, any wallets that share this network are appropriate for the site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage as well as the capability to buy cryptocurrency using a credit card. OpenSea Banner Dimensions
To learn more about it to learn more, check out their FAQs to see a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions OpenSea Banner Dimensions
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists who use the platform to market NFTs because of its zero cost of gas and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace and you must go through it!
Is OpenSea legit & safe?
Answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year of 2018. Since its system is based on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned on your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is believed to be reasonably low compared to others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site and many others to accommodate more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile app from OpenSea for both iOS as well as Android. Install it from their app store, and then you can begin exploring the collection now!
A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).