The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking 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 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 Collection Manager
The goal of OpenSea was to simply provide a platform/marketplace for artists to upload their commissions, without having to pay any additional charges. There are additional features which allow you to market your work without having to deal with many difficulties.
For registration, you won’t have to give any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without 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 technology, and this is used to carry out the majority of processes. It also operates using the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains, you can choose which one you’d like to publish your NFT as a seller. This is to ensure the security of your NFT as well as those who wish to buy it. All transactions will be made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist you admire. Anyone can sell however it takes a while before anyone can become a reputable one.
There is a wide variety of NFTs available on OpenSea and you could join in with this! You can set up your own market on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for anyone who is new 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 unique and can’t be replaced. It can be a piece of rareness, such as mint-condition baseball trading cards or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible item that you can sell online. In simpler terms, you could simply imagine an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you posted to market, as you’re putting it up for sale. Typically, this is official once you fill out the correct information about the NFT and upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and simply making a collection to begin! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain, money transfer tokens). After that, you can finally upload it, if it’s within the limit of 100MB.
You can wait and observe the way transactions are handled from now on to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering which kind of NFT you shop for here, and what you could also sell if you decide to pursue that route. The kind of NFT that you can purchase isn’t limited as there’s a variety of options for how to go about it.
You could be selling digital products, trading cards games, domain names, and even physical assets! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees for using this feature to make and then sell the NFTs. This means you’ll get the most profit when you begin selling since you won’t have to spend on any additional charges.
Very few NFT marketplaces have this feature, which is why this is a great way to receive high profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets, you can receive advantages by referring a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces do not have this kind of feature either and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also exchange your fiat money for cryptocurrency using these platforms. OpenSea Collection Manager
You can exchange 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 that is the standard cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than other. Since it is built on the ETH blockchain, wallets with a connection to the same network are suitable for this website.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. OpenSea Collection Manager
To know more about it to learn more, check out their FAQs for the steps you can get started and also what other crypto wallets are compatible 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. It is possible to read about its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea Collection Manager
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its low gas costs and low commission fee rate you must pay.
You can shop and browse the vast array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established at the end of the year of 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 can become verified once you have built up your credibility. A blue checkmark will appear next to your account or the collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you can be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared against the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile application from OpenSea that is available for iOS and Android. Install it from their app store, and you can start browsing through the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and get 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/).