The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up across the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and discover what you can do with OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Embed
The aim of OpenSea was to offer an online marketplace for artists to upload commissions with no additional fees. It has more functions that allow you to sell your work without having to deal with many problems.
In terms of registration, you won’t have to give too many details about yourself. All you have to connect your crypto 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 widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for most processes. It is also based using the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains you can pick which one you’d like to transfer your NFT to as seller. This is to ensure the security of your NFT and those who would like to purchase it. All transactions are made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can become a seller however it takes time for anyone to become an established one.
There is a wide variety from the selection of NFTs available at OpenSea and you can become a part of that! You can set up your own market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but not exactly sure what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy can be an NFT. A NFT is a non-fungible currency which is extremely individual and cannot be substituted. This can be a piece of rareness like authentic baseball cards or unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible item that you sell on the internet. More straightforwardly, you can simply think of as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you posted to market, as you’re putting it up for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and simply making a collection to begin! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain or payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
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?
In this moment you’re probably thinking about the kind of NFTs can be found here and what you can sell should you decide to go down that path. The type of NFT it can be isn’t limited as there’s a variety of how you can do it.
You could be selling digital items, trading cards games domain names, also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the other options. There are zero gas fees when you use this feature when you create and market NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, which is why this is great for you to receive high profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets, you can receive benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more money through this action.
Other NFT marketplaces do not have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS as well as Android. While you’re not able to buy or sell things, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also trade your fiat currency for cryptocurrency on these platforms. OpenSea Embed
You can swap 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 of converting them into ETH that is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of crypto, wallets are still more compatible with it than others. Since it is built mainly on an ETH blockchain, all wallets with a connection to the same network are suitable for this website.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency using a credit card. OpenSea Embed
To learn more about it to learn more, check out their FAQs to get a rundown 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 its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea Embed
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online, and to accept cryptocurrency as a method of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its low gas fees and the low commission rate that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea real and safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in 2018. Since its system is built on a blockchain that is secure, you can declare that transactions are secure and safe.
Furthermore as a seller you will be verified after you have built up your credibility. A blue checkmark is placed next to your account or any collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be quite low in comparison with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as many others to accommodate more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before there’s an official mobile app by OpenSea available for both iOS as well as Android. You can download it through their app store and you can start exploring the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app, 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/).