The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Coast Guard
The purpose for OpenSea was to provide artists with a marketplace/platform to upload commissions, without having to pay any additional costs. It has more functions which allow you to market your art without too many issues.
For registration, you don’t need to worry about giving all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used in 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 is also based with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains available you can pick which one you’d like to publish your NFT as seller. This ensures the safety of your NFT, along with those who would like to purchase it. Every transaction will be conducted by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange 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 sell, but it takes a while for anyone to become an established seller.
There are a variety of NFTs of NFTs available on OpenSea, and you can also be a part of this! You can set up your own personal market there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but not exactly sure what it actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can buy includes an NFT. An NFT is a non-fungible currency which is extremely unique and can’t be changed. It can be a piece of rareness, such as mint-condition baseball trading cards, or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing you’re selling on the internet. It is simpler to just imagine an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the marketplace, and you’re selling it. Typically, this is official once you fill out all the necessary information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and making a collection to begin! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain or payments tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see how the transactions go from here on out to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about which kind of NFT can be purchased here and what you can also sell if you decide to pursue that route. The type of NFT that you can purchase isn’t limited because there’s a wide range of how you can do it.
You could be selling trade cards, digital goods game assets domain names, some physical items! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the other options. There are zero gas fees for using this feature when you 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 won’t have to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, and it can be a fantastic way to earn a high return from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which means you can make more money through this action.
Other NFT marketplaces don’t have this kind of feature either and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. OpenSea Coast Guard
You can swap the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
All of them have the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based on an ETH blockchain, all wallets that share this network are appropriate for this site.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage and the ability to buy cryptocurrency using a credit card. OpenSea Coast Guard
To learn more about it You can go through their FAQs for an overview of how 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 drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are a seller, 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 additional cost for it.
Frequently Asked Questions OpenSea Coast Guard
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use it to sell NFTs due to its low gas fees and the low commission rate you must pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year of 2018. Since its system is based on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark will be assigned to your account or collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties after you have uploaded the NFT. This is believed to be quite low in comparison against other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be widely utilized on this website and many others to accommodate more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS or Android. Install it from their app store, and then you can begin exploring the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and receive notifications about updates to 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/).