Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto currency. Marketplaces are popping up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Definition And Examples
The purpose of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions with no additional costs. There are additional features which allow you to market your artwork without any difficulties.
When it comes to the registration process, you don’t have to worry about giving all of your personal details. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains available it is possible to choose which one you’d like to transfer your NFT to as a seller. This will ensure the security of your NFT and those who wish 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’s like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist that you admire. Anyone can become a seller however, it takes some time before anyone can become an established one.
There’s a huge selection from the selection on OpenSea, and you can join in with this! You can set up your own personal market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency that is individual and cannot be substituted. It can be an item of any rarity like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object you’re selling online. More straightforwardly, you can simply consider as an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. You are calling ownership over that particular token/item that you have uploaded to the marketplace, and selling it. Typically, this is official when you have filled in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and making a collection to begin! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain or payment tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from now on to see whether OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about the kind of NFTs can be found here, and what you could sell should you decide to pursue that route. The kind of NFT it can be isn’t limited as there’s a variety of how you can do it.
It is possible to sell digital products, trading cards, game assets domain names, some physical items! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from other companies. There are zero gas fees when you utilize this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t have to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, so this is a great way to make a huge profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to make more money through this action.
Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on both iOS as well as Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use You can also exchange your fiat money for cryptocurrency through these platforms. OpenSea Definition And Examples
You can convert your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option to exchange for ETH, which is the most common cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than other. Since it is built mainly on an ETH blockchain, any wallets that share this network are appropriate for this site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. OpenSea Definition And Examples
For more information about the service, you can check their FAQs for a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell via this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who owns any 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. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions OpenSea Definition And Examples
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in 2018. Since its system is built on blockchain technology and is secured, it is safe to declare that transactions are protected and secured.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison against others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be widely utilized on this website and many others to accommodate many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile app from OpenSea that is available for iOS or Android. Download it at their respective app store, and begin exploring the collection now!
A desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).