Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see the NFTs available to view!
Before you go on, you may want to watch 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 Crunchbase
The purpose of OpenSea was to provide a platform/marketplace for artists to upload their commissions with no additional fees. There are additional features that let you sell your work without having to deal with many issues.
For the registration process, you don’t have to worry about giving any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It is also based with the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains it is possible to choose which one you want to transfer your NFT to as a seller. This ensures the safety of your NFT as well as those who would like to purchase it. All transactions will be made using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to an official artwork by an artist you admire. Anyone can be a seller however it takes time for anyone to become an established seller.
There’s a huge selection in the collection at OpenSea, and you can join in with that! You can set up your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but not exactly sure what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be replaced. It can be a piece of rarity like mint-condition baseball trading cards or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible object that you sell on the internet. In simpler terms, you could simply imagine as an NFT as a digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You are calling the ownership of the particular item that you posted to the market place, but you’re offering it for sale. Usually, this is recognized once you fill out the correct information about the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by visiting 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 want for it (e.g., blockchain or payments tokens). After you’ve completed the process, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering the kind of NFTs be purchased here and what kind of NFTs you can also sell if you decide to go down that path. The kind of NFT that you can purchase is unlimited since there’s a broad range of ways to approach it.
You can be selling digital items, trading cards, game assets domain names, some physical items! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the other options. There are zero gas fees when you use this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, which is why this is a great way to make a huge profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can make more money from this act.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency using these platforms. OpenSea Crunchbase
You can convert your fiat currency using a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of these have the option of exchange for ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built on the ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using credit cards. OpenSea Crunchbase
To know more about it You can go through their FAQs to see a rundown of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. 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 as well as 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 market and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions OpenSea Crunchbase
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use the platform to market NFTs because of its zero gas costs and low commission fees you must pay.
You can browse and shop for the vast array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception in the year 2018. Since the system it operates on is based on a blockchain, it is safe to claim that your transactions are safe and secure.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark is placed next to your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties from OpenSea?
As an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be widely used on this site and other sites to provide more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before, there is definitely an official mobile application from OpenSea that is available for iOS and Android. You can download it through their app store, and begin browsing through the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to 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/).