The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea as well as examining 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Bio
The purpose to create OpenSea was to simply provide an online marketplace for artists to upload commissions, without having to pay any additional fees. It has more functions that allow you to sell your work without having to deal with many issues.
When it comes to the registration process, you don’t have to give any personal information about yourself. All you have to 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 widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It also operates using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains that are available you can pick which one you’d like to upload your NFT on as a seller. This is to ensure the security of your NFT as well as the people who want to purchase it. Every transaction will be conducted using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork by an artist you admire. Anyone can become a seller, but it takes time for anyone to become an established seller.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you could also be a part of the collection! You can set up your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy includes an NFT. The NFT is a non-fungible currency that is individual and cannot be substituted. It can be a piece of rarity like mint-condition baseball trading cards or rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object you’re selling on the internet. In simpler terms, you could just consider as an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You are calling the ownership of the particular item that you have uploaded to the market place, but putting it up for sale. Usually, this becomes official once you fill out the correct information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and create a collection! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain or money transfer tokens). After that, you can finally upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from now to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself the kind of NFTs can be found here and what you can sell should you decide to go that route. The kind of NFT it is indefinite as there’s a variety of how you can go about it.
You could be selling digital products, trading cards game assets, domain names, and some physical items! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from the other options. There are no gas costs when you use this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t need to spend on extra fees.
Very few NFT marketplaces have this feature, so this is a great way to receive high profit from your collection.
A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, which means you can earn more money through this action.
Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea has over the other 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 listings.
OpenSea’s mobile apps are available for both iOS as well as Android. While you’re not able to buy or sell anything, you can still explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency through these platforms. OpenSea Bio
You can swap your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option of exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based using an ETH blockchain, any wallets which are part of this network are appropriate for this site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and many 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 purchase cryptocurrency with credit cards. OpenSea Bio
To learn more about it You can go through their FAQs to get a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea Bio
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to sell their works online and receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use it to sell NFTs because of its zero 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, so you should go through it!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in 2018. Since the system it operates on is built on a blockchain and is secured, 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 next to your account or the collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How do I earn royalties on OpenSea?
As an artist, you will get only 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and many others to accommodate many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before, there is definitely an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store and begin exploring the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts as well as 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/).