The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Get on board, and discover what you can do with OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Developer Docs
The goal to create OpenSea was to simply provide an online marketplace for artists to upload their commissions with no additional fees. It has more functions that allow you to sell your work without having to deal with many difficulties.
In terms of the registration process, you don’t have to give too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that without going through many hurdles as you walk 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 system, and this is used for most processes. It is also based on the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT as well as those who wish to buy it. All transactions will be made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to official art by an artist you admire. Anyone can sell however it takes time for anyone to become an established seller.
There is a wide variety in the collection at OpenSea and you could join in with that! You can start your own personal market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but not exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. The NFT is a token that is non-fungible that is unique and can’t be replaced. This can 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 thing that you sell on the internet. In simpler terms, you could simply think of as an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to market, as you’re putting it up for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and create a collection! Input the appropriate and complete information about your NFT and choose what kind of settings you want for it (e.g., blockchain or money transfer tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
You can watch and see how the transactions go from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself what kind of NFTs be found here, and what you could also sell if you choose to go down that path. The kind of NFT it can be is indefinite 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, some physical items! Find out what you think will reap the best rewards by experimenting with 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 create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t need to spend on additional fees.
Very few NFT marketplaces provide this feature, and it can be a fantastic way to earn a high return from your portfolio.
A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer advantages when you refer someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, letting you make more money by this method.
Other NFT marketplaces do not have the same feature This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also trade your fiat currency for cryptocurrency using these platforms. OpenSea Developer Docs
You can swap your fiat currency using a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of them have the option of converting them into ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets still more compatible with it than others. Since it is built mainly using an ETH blockchain, all wallets with a connection to this network are appropriate for the site.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. OpenSea Developer Docs
To know more about it to learn more, check out their FAQs for the steps you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% for artists (low royalty).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency 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 recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions OpenSea Developer Docs
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists who use for selling NFTs due to its low gas costs and low commission fees which you are required to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in 2018. Since its system is built on a blockchain, it is safe to say that your transactions are secure and safe.
Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear to your account or any collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared against other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is frequently used on this site as well as many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before There is an official mobile app by OpenSea for both iOS and Android. You can download it through their app store and then you can begin exploring the collection now!
A desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts as well as 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/).