The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto-coins. Markets have popped up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and discover the possibilities of 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 review. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Dazn
The goal for OpenSea was to offer a platform/marketplace for artists to upload their commissions, without having to pay any additional fees. It has more functions that allow you to sell your artwork without any issues.
For registration, you won’t have to give too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains that are available, you can choose which one you want to upload your NFT on as an seller. This ensures the safety of your NFT, along with those who would like to buy it. All transactions will be made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless 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 by an artist you admire. Anyone can be a seller however it takes time before anyone can become an established one.
There’s a huge selection from the selection of NFTs available at OpenSea, and you can join in with the collection! You can create your own market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t exactly sure 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 includes an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be substituted. This can be an item of any rareness like authentic baseball cards, or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can simply think of an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you posted to market, as offering it for sale. Usually, this is recognized when you have filled in the correct information about the NFT and add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g., blockchain and payment tokens). After that then you’re able to upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from now on to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about the kind of NFTs you shop for here and what kind of NFTs you can also sell if you choose to go down that path. The type of NFT it isn’t limited as there’s a variety of options for how to go about it.
You can be selling trade cards, digital goods games domain names, even physical assets! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the other options. There’s no cost for gas when you utilize this feature to create and market NFTs. This means you’ll get the most profit when you start selling because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces offer this feature, so this is a great way to earn a high return from your NFT collection.
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces that offer rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to earn more cash by this method.
Other NFT marketplaces don’t offer the same feature This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. You can’t buy or sell items as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency on these platforms. OpenSea Dazn
You can exchange the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
Each of them has the option of converting them into ETH, which is the standard crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly using the ETH blockchain, all wallets with a connection to the same network are suitable for the site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only, and the function to buy cryptocurrency using a credit card. OpenSea Dazn
To learn more about it to learn more, check out their FAQs for an overview of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are a seller, 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 sell regularly since there is no additional fee for it.
Frequently Asked Questions OpenSea Dazn
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online and receive cryptocurrency as a method of payment. It’s a great option for artists who want to use it to sell NFTs due to its no cost of gas and low commission fees that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in 2018. Because its system is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned on your account or the collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared with other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be widely used on this site as well as numerous others to cater for the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned There is an official mobile application from OpenSea available for both iOS or Android. You can download it through their app store and begin exploring the collection now!
A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).