The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto coins. Markets have popped up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s explore what you can do with OpenSea and also see 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 review. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Banner
The purpose to create OpenSea was to provide artists with a marketplace/platform to easily upload their commissions without any extra fees. It has more functions that let you sell your artwork without any problems.
When it comes to 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 easy as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency that is used on 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 on the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains, 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 buy it. All transactions are made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to official art from an artist you admire. Anyone can be a seller however it takes some time before anyone can become a reputable one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you can become a part of the collection! You can start your own market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT,” a popular term in the crypto industry “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 look at what an NFT is for any beginners in cryptocurrency.
One of the new things you can buy can be an NFT. A NFT is a token that is non-fungible that is very unique and can’t be changed. It can be an item of any rareness like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can just imagine the NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You are calling ownership over that particular token/item that you posted to the market place, but you’re selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and then making a collection to begin! Fill out the proper and complete information about your NFT and select the type of settings you’d like for it (e.g., blockchain and payment tokens). After you’ve completed the process then you’re able to upload it, if it’s within the limit of 100MB.
You can watch and see how transactions progress from now to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering what kind of NFTs be found here, and what you could also sell if you choose to go that route. The type of NFT that you can purchase is unlimited because there’s a wide range of options for how to approach it.
You can be selling digital products, trading cards game assets domain names, some physical items! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs when you use this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you don’t need to pay on additional fees.
Very few NFT marketplaces offer this feature, so this is great for you to make a huge profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more money through this action.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to 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
Various crypto exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency through these platforms. OpenSea Banner
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of these have the option of exchange for ETH which is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based using an ETH blockchain, all wallets with a connection to this network are appropriate for this website.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only, and the function to buy cryptocurrency using a credit card. OpenSea Banner
To learn more about it to learn more, check out their FAQs for the steps you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea Banner
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists using the platform to market NFTs because of its zero gas costs and low commission fees which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year of 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
In addition as a seller you will be verified after you build up your reputation. A blue checkmark will appear on your account or any collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are protected.
How can I earn royalties from OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be a reasonable amount compared to others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be commonly used on this site and numerous others to cater for the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile app from OpenSea available for both iOS and Android. Install it from their app store and begin browsing through the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive alerts on any updates that affect your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).