The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and let’s see the possibilities of OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to check out 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.
OpenSea as an NFT Marketplace OpenSea Commission
The purpose for OpenSea was to provide a platform/marketplace for artists to easily upload their commissions with no additional costs. It also has additional functions that let you sell your artwork without any problems.
When it comes to registration, you won’t have to provide too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also operates with the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains available it is possible to choose which one you would like to upload your NFT on as seller. This is to ensure the security of your NFT, along with those who would like to buy it. All transactions are made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist that you admire. Anyone can be a seller, but it takes a while before anyone can become an established seller.
There is a wide variety of NFTs available of NFTs available at OpenSea and you can join in with this! You can set up your own marketplace there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry,”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 are familiar with it but aren’t exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is exclusive and cannot be changed. It could be a piece of rareness like rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you sell online. In simpler terms, you could simply consider as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. It is a way of claiming the owner of the item or token that you posted to the marketplace, and offering it for sale. Usually, this becomes official when you have filled in the correct information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and create a collection! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain, payments tokens). Once that’s all done, 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 now to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering what kind of NFTs can you shop for here, and what you could also sell if you decide to go down that path. The type of NFT that you can purchase isn’t limited as there’s a variety of how you can go about it.
It is possible to sell digital items, trading cards games domain names, also physical goods! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the others. There are zero gas fees for using this feature to create and market NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you don’t need to pay on additional fees.
Not many NFT marketplaces provide this feature, and it can be a fantastic way to earn a high return from your collection.
This Referral Program is another distinctive feature 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 then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to make more money through this action.
Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. While you’re not able to buy or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency through these platforms. OpenSea Commission
You can exchange your fiat currency using a 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 to exchange for ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than other. Because it is based using the ETH blockchain, wallets which are part of this network are appropriate for the site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency using a credit card. OpenSea Commission
To learn more about it to learn more, check out their FAQs for a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- Cannot buy or sell on this mobile application.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto 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 easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions OpenSea Commission
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use for selling NFTs due to its low gas fees and the low commission rate which you are required to pay.
You can shop and browse the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & secure?
The short answer is yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year of 2018. Since the system it operates on is built on a blockchain, it is safe to claim that your transactions are secure and safe.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will appear next to your account or collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store, and then you can begin exploring the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and get 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/).