The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. Markets have popped up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
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 for cryptocurrency users because of its security and quick transactions.
Now hop aboard, and discover what you can do with OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to check out 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 Banner Size
The purpose of OpenSea was to provide an online marketplace for artists to easily upload their commissions with no additional fees. It has more functions that allow you to sell your artwork without any issues.
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, without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for most processes. It is also based using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains available it is possible to choose which one you want to transfer your NFT to as seller. This is to ensure the security of your NFT and the people who want to buy it. Every transaction will be conducted using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can sell however it takes some time before anyone can become an established one.
There’s a huge selection in the collection of NFTs available at OpenSea and you can become a part of that! You can create your own personal market here, along with finding NFTs that you would like to purchase 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 the majority of young people are familiar with it , but aren’t exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can buy can be an NFT. A NFT is a non-fungible currency which is extremely exclusive and cannot be replaced. This can be an item of rareness, such as rare baseball trading cards in mint condition or rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. More straightforwardly, you can just think of as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the marketplace, and 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 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 correct information regarding your NFT and then select what type of settings you’d like for it (e.g., blockchain or payments tokens). Once that’s all done, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from now to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself the kind of NFTs be found here and what you can sell should you decide to pursue that route. The type of NFT it can be is unlimited as there’s a variety of options for how to approach it.
It is possible to sell digital items, trading cards game assets domain names, also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from other companies. There’s no cost for gas for using this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you begin selling since you don’t need to pay on any additional charges.
Very few NFT marketplaces provide this feature, which is why this is great for you to make a huge profit from your portfolio.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, letting you earn more cash by this method.
Other NFT marketplaces don’t offer the same feature This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. While you’re not able to buy or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you, and you can exchange your fiat money for cryptocurrency using these platforms. OpenSea Banner Size
You can exchange the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
All of them have the option of converting them into ETH that is the standard crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built on the ETH blockchain, all wallets which are part of the same network are suitable for this website.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, only mobile usage, and the function to purchase cryptocurrency using the credit card. OpenSea Banner Size
For more information about the service, you can check their FAQs to get the steps you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. 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 Banner Size
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists using for selling NFTs due to its no gas costs and low commission fee rate that you have to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year 2018. Because its system is based on a blockchain, it is safe to claim that your transactions are protected and secured.
Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned to your account or collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties from OpenSea?
As an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison to the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as numerous others to cater for more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile application from OpenSea that is available for iOS and Android. Download it at their respective app store, and you can start exploring the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you can 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/).