The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto coins. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s explore what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Developer
The goal to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional costs. It has more functions that allow you to sell your art without too many issues.
In terms of registration, you won’t have to provide all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains available it is possible to choose which one you’d like to upload your NFT on as a seller. This ensures the safety of your NFT, along with the people who want to purchase it. All transactions are made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes time before anyone can become an established one.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you can become a part of that! You can set up your own personal market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be replaced. It can be an item of any rareness, such as rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could just consider an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming the ownership of the particular item that you posted to the market place, but selling it. Typically, this is official when you have filled in the correct information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and simply create a collection! Complete the correct 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’s within the limit of 100MB.
You can wait and observe how transactions progress from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself what kind of NFTs be found here and what you can also sell if you choose to pursue that route. The type of NFT that you can purchase is indefinite since there’s a broad range of options for how to approach it.
You can be selling digital items, trading cards games, domain names, and some physical items! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the others. There are no gas costs when you use this feature to create and market NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, so this can be a fantastic way to receive high profit from your collection.
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t have the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to trade your fiat currency for cryptocurrency through these platforms. OpenSea Developer
You can exchange the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option to exchange for ETH that is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly using an ETH blockchain, wallets which are part of that network will be suitable for the site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only, and the function to purchase cryptocurrency with a credit card. OpenSea Developer
To learn more about it You can go through their FAQs for an overview of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- Cannot buy or sell via our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions OpenSea Developer
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online to receive cryptocurrency as a method of payment. It’s a great platform for artists who use it to sell NFTs because of its zero cost of gas and low commission fees you must pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception in the year 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear on your account or the collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is widely utilized on this website and numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier there’s an official mobile application from OpenSea available for both iOS or Android. You can download it through their app store, and begin browsing through the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and get notifications about updates to your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).