Cryptocurrency is booming 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 buy and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and discover what you can do with OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Coin
The purpose of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions without any extra fees. There are additional features that allow you to sell your art without too many issues.
In terms of registration, you won’t have to worry about giving too many details about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also operates with the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains that are available, you can choose which one you would like to transfer your NFT to as a seller. This will ensure the security of your NFT as well as the people who want to purchase it. All transactions are made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist that you admire. Anyone can be a seller however, it takes a while before anyone can become an established one.
There are a variety of NFTs from the selection at OpenSea, and you can become a part of the collection! You can set up your own marketplace on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto market the term “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t exactly sure what it means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the newest things you can buy is an NFT. An NFT is a non-fungible token that is unique and can’t be replaced. It could be an item of any rareness like rare baseball trading cards in mint condition or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible item you’re selling on the internet. More straightforwardly, you can simply consider as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming the ownership of the particular item that you posted to market, as selling it. Typically, this is official after you fill in all the necessary information about the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and then creating a collection to start! Complete the correct and accurate information about your NFT and then select what type of settings you want for it (e.g. blockchain and money transfer tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see the way transactions are handled from here on out to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself what kind of NFTs you shop for here, and what you could also sell if you choose to go that route. The type of NFT that you can purchase is indefinite since there’s a broad range of how you can go about it.
You could be selling digital products, trading cards game assets domain names, also physical goods! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There are zero gas fees when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t need to spend on additional fees.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to earn a high return from your portfolio.
The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more money through this action.
Other NFT marketplaces do not 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 the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. While you’re not able to buy or sell things, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also convert your fiat money into cryptocurrency through these platforms. OpenSea Coin
You can exchange your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and more!
All of them have the option of converting them into ETH, which is the most common crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly around the ETH blockchain, all wallets with a connection to this network are appropriate for this site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency with the credit card. OpenSea Coin
For more information about the service to learn more, check out their FAQs for the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used to use 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% portion of commission fees 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 Coin
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to market their work online to receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero gas costs and low commission fees that you have to pay.
You can browse and shop for an array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established in the year 2018. Since the system it operates on is built on a blockchain, it is safe to say that your transactions are protected and secured.
In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear next to your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison to others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is frequently used on this site as well as 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 use for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only 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 exchange.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea that is available for iOS or Android. Install it from their app store and you can start exploring the collection now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).