The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto currency. Markets have popped up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s explore what you can do with OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Bidding
The purpose of OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional charges. It also has additional functions which allow you to market your art without too many problems.
In terms of registration, you don’t need to worry about giving any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains that are available it is possible to choose which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT, along with those who would like to buy it. All transactions are made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can become a seller however it takes some time for anyone to be an established seller.
There is a wide variety of NFTs available at OpenSea, and you can become a part of the collection! You can start your own market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around so long on the internet that the majority of young people have heard of it but not exactly sure what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible token which is extremely individual and cannot be replaced. It could be an item of any rareness like rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item that you can sell online. More straightforwardly, you can just think of the NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling the owner of the item or token you uploaded on market, as putting it up for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and making a collection to begin! Complete the correct and accurate information about your NFT and select the type of settings you’d like for it (e.g. blockchain, payments tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.
You can watch and see the way transactions are handled from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about what kind of NFTs be purchased here and what you can also sell if you decide to go down that path. The kind of NFT it is indefinite because there’s a wide range of ways to approach it.
You could be selling digital products, trading cards game assets, domain names, and also physical goods! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees for using this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you start selling because you won’t need to spend on extra fees.
Very few NFT marketplaces provide this feature, and it can be a fantastic way to receive high profit from your portfolio.
This Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits by referring your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more cash from this act.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Although you aren’t able to purchase 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 to you to exchange your fiat money for cryptocurrency on these platforms. OpenSea Bidding
You can swap your fiat money via your credit or debit card as well as 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 primary cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, the wallets still more compatible with it than others. Since it is built mainly on the ETH blockchain, wallets which are part of that network will be suitable for this website.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with credit cards. OpenSea Bidding
To learn more about it to learn more, check out their FAQs to get a rundown of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea Bidding
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its no cost of gas and low commission fees that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in 2018. Since its system is built on blockchain technology that is secure, you can claim that your transactions are protected and secured.
Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed to your account or collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you’ll get only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared to others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as numerous others to cater for many more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile app by OpenSea for both iOS and Android. Download it at their respective app store, and then you can begin exploring the collection now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts as well as 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/).