The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up all over the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
So, hop on board and discover what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Crypto Auctions
The purpose for OpenSea was to provide an online marketplace for artists to upload their commissions with no additional charges. It has more functions which allow you to market your artwork without any difficulties.
For registration, you don’t need to give too many details about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It is also based on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains that are available you can pick which one you would like to publish your NFT as an seller. This is to ensure the security of your NFT, along with those who would like to buy it. All transactions are made along with this blockchain, so you should 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 for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist you admire. Anyone can sell, but it takes some time before anyone can become a reputable one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you could become a part of the collection! You can create your own marketplace there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry the term “NFT” has been going around so long on the 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 purchase your cryptocurrency includes an NFT. The NFT is a non-fungible token that is very unique and can’t be replaced. It could be an item of rarity like rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you sell online. It is simpler to simply think of as 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 ownership over that particular token/item you uploaded on market, as you’re putting it up for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and select the type of settings you want to use it with (e.g. blockchain and payment tokens). After that you are able to upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about what kind of NFTs can be purchased here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT that you can purchase isn’t limited since there’s a broad range of ways to go about it.
It is possible to sell trade cards, digital goods, 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
The collection Manager features is one of the things that separates OpenSea from other companies. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you sell because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces provide this feature, so this can be a fantastic way to make a huge profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces there are benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more cash from this act.
Other NFT marketplaces do not have this feature This is a further advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t 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. Although you aren’t able to purchase or sell something, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency on these platforms. OpenSea Crypto Auctions
You can exchange the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option of converting them into ETH, which is the standard crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based using an ETH blockchain, any wallets that share this network are appropriate for this website.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only, and the function to buy cryptocurrency using the credit card. OpenSea Crypto Auctions
To know more about it to learn more, check out their FAQs to see the steps you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is open 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 are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea Crypto Auctions
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online to receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use for selling NFTs due to its no cost of gas and the low commission rate that you have to 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 legit & is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to declare that transactions are secure and safe.
Furthermore as a seller you will be verified after you have built up your credibility. A blue checkmark will appear to your account or the collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared with the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be widely utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned there’s an official mobile app from OpenSea available for both iOS and Android. Download it at their respective app store and then you can begin exploring the collection now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and get alerts on any updates that affect 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/).