The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up all over the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s explore the possibilities of 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 Binance Smart Chain
The purpose of OpenSea was to provide an online marketplace for artists to upload their commissions with no additional charges. There are additional features which allow you to market your work without having to deal with many difficulties.
For the registration process, you don’t have to provide any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It also functions on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains available, you can choose which one you want to upload your NFT on as an seller. This will ensure the security of your NFT as well as those who would like to buy it. All transactions will be made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art by an artist you admire. Anyone can become a seller however it takes a while before anyone can become a reputable one.
There is a wide variety in the collection on OpenSea and you could also be a part of the collection! You can create your own marketplace on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry,”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 sure exactly what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible token which is extremely exclusive and cannot be changed. This can be a piece of rareness like authentic baseball cards, or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could simply consider as an NFT as a digital collectible paid via 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 posted to market, as you’re offering it for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and create a collection! Complete the correct and accurate information about your NFT and select the type of settings you’d like to use for it (e.g. blockchain and money transfer tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself the kind of NFTs be found here and what kind of NFTs you can also sell if you choose to go that route. The kind of NFT it is indefinite since there’s a broad range of options for how to approach it.
You can be selling digital items, trading cards game assets, domain names, and even physical assets! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from other companies. There are zero gas fees when you utilize this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t need to spend on additional fees.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are advantages when you refer a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can make more money by this method.
Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS and Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency using these platforms. OpenSea Binance Smart Chain
You can convert your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of these have the option of converting them into ETH which is the primary crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Because it is based on an ETH blockchain, any wallets that share this network are appropriate for the site.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage as well as the capability to buy cryptocurrency using credit cards. OpenSea Binance Smart Chain
For more information about the service, you can check their FAQs to get an overview of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- You cannot buy or sell products on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea Binance Smart Chain
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use the platform to market NFTs because of its zero gas fees and low commission fees that you have to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace and you must go through it!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year 2018. Since its system is built on blockchain technology and is secured, it is safe to claim that your transactions are protected and secured.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned to your account or any collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties when you upload the NFT. This is believed to be quite low in comparison against other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been commonly used on this site and many others to accommodate many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile app by OpenSea that is available for iOS and Android. Install it from their app store and you can start exploring the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you can 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/).