Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s see the possibilities of OpenSea and also see the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Customer Support
The goal for OpenSea was to simply provide an online marketplace for artists to upload their commissions, without having to pay any additional costs. It has more functions that allow you to sell your artwork without any problems.
In terms of registration, you don’t need to provide too many details about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used within 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 using the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you would like to upload your NFT on as a seller. This is to ensure the security of your NFT as well as those who wish to purchase it. All transactions will be made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to official art from an artist that you admire. Anyone can be a seller however it takes some time before anyone can become an established one.
There is a wide variety in the collection at OpenSea and you can also be a part of this! You can set up your own personal market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it but aren’t sure exactly what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. The NFT is a token that is non-fungible which is extremely unique and can’t be replaced. It could be an item of any rareness like authentic baseball cards, or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible item that you can sell online. It is simpler to just imagine as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling the owner of the item or token that you posted to market, as you’re putting it up for sale. Typically, this is official when you have filled in the proper information regarding the NFT and then add it on the market.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and making a collection to begin! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like for it (e.g., blockchain or payments tokens). After that, you can finally upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from now on to determine if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself which kind of NFT can be purchased here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT that you can purchase isn’t limited because there’s a wide range of ways to do it.
You can be selling digital products, trading cards games, domain names, and some physical items! 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 differentiates OpenSea from other companies. There’s no cost for gas for using this feature when you create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you don’t need to pay on extra fees.
Very few NFT marketplaces offer this feature, and it can be a fantastic way to receive high profit from your collection.
A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer advantages when you refer your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which allows you to make more money from this act.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. You can’t buy or sell anything as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. While you’re not able to buy or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can exchange your fiat money for cryptocurrency on these platforms. OpenSea Customer Support
You can exchange your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option of converting them into ETH that is the most common cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly around an ETH blockchain, wallets that share the same network are suitable for this site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only and the ability to buy cryptocurrency using the credit card. OpenSea Customer Support
For more information about the service You can go through their FAQs for an overview of how you can begin 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 an exception to this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- You cannot buy or sell products via our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea Customer Support
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its no gas fees and low commission fee rate you must pay.
You can shop and browse the vast array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned next to your account or collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are secure.
How can I earn royalties from OpenSea?
Unfortunately, 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 against others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as other sites to provide the increasing number of crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned, there is definitely an official mobile app from OpenSea for both iOS and Android. Download it at their respective app store and begin browsing through the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and receive 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/).