The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto coins. Markets have popped up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re interested in crypto, you’ve probably 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 quick transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, 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 Dark Mode
The aim of OpenSea was to provide an online marketplace for artists to easily upload their commissions with no additional fees. There are additional features that allow you to sell your artwork without any problems.
When it comes to the registration process, you don’t have to worry about giving too many details about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for most processes. It is also based on the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains that are available, you can choose which one you would like to upload your NFT on as seller. This is to ensure the security of your NFT and those who would like to buy it. Every transaction will be conducted using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name, to a piece of art from an artist that you admire. Anyone can become a seller, but it takes a while for anyone to be a reputable one.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you could join in with this! You can create your own personal market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials have heard of it but aren’t sure exactly what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible currency that is very exclusive and cannot be replaced. It can be a piece of rarity like mint-condition baseball trading cards or rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can simply think of as an NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but you’re offering it for sale. Typically, this is official once you fill out the proper information regarding the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and making a collection to begin! Complete the correct and accurate information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain, payment tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from here on out to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering the kind of NFTs be found here and what you can also sell if you decide to go down that path. The type of NFT it can be is indefinite as there’s a variety of options for how to go about it.
It is possible to sell digital items, trading cards games, domain names, and also physical goods! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There are zero gas fees for using this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, so this is a great way to make a huge profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, letting you make more money from this act.
Other NFT marketplaces don’t offer this feature This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. OpenSea Dark Mode
You can swap your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option of exchange for ETH which is the standard crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are still more compatible with it than others. Since it is built on an ETH blockchain, any wallets with a connection to this network are appropriate for the site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage, and the function to buy cryptocurrency using a credit card. OpenSea Dark Mode
To learn more about it You can go through their FAQs for an overview of how you can begin and what other crypto wallets are compatible 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:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- Cannot buy or sell through our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions OpenSea Dark Mode
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online to receive 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 the low commission rate that you have to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea real and safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception in 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 have built up your credibility. A blue checkmark will be assigned to your account or the collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be widely used on this site as well as other sites to provide the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned there’s an official mobile app by OpenSea for both iOS and Android. Install it from their app store, and then you can begin exploring the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive 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/).