The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Erc20
The goal to create OpenSea was to simply provide an online marketplace for artists to upload commissions with no additional costs. It also has additional functions that allow you to sell your art without too many issues.
For registration, you won’t have to provide any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It also functions using the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you would 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 using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist that you admire. Anyone can sell however it takes some time for anyone to be a reputable one.
There’s a huge selection from the selection of NFTs available at OpenSea and you can also be a part of the collection! You can set up your own marketplace there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market the term “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t sure exactly what it means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible currency that is unique and can’t be replaced. This can be a piece of rareness, such as mint-condition baseball trading cards or unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible thing you’re selling online. More straightforwardly, you can just imagine the NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You are calling the owner of the item or token that you posted to market, as selling it. Usually, this is recognized after you fill in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and create a collection! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like to use it with (e.g., blockchain, payments tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how transactions progress from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT be purchased here and what you can also sell if you choose to pursue that route. The type of NFT that you can purchase is unlimited since there’s a broad range of ways to do it.
You could be selling digital products, trading cards games, domain names, and some physical items! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from other companies. There are no gas costs for using this feature to mint and sell NFTs. This means you’ll receive the maximum profits when you sell because you won’t have to spend on additional fees.
Very few NFT marketplaces have this feature, so this is a great way to receive high profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more cash by this method.
Other NFT marketplaces don’t have this kind of feature either This is a further benefit OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps of OpenSea are available for both iOS as well as Android. While you’re not able to buy or sell something, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to convert your fiat money into cryptocurrency on these platforms. OpenSea Erc20
You can convert your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based on an ETH blockchain, any wallets that share the same network are suitable for this site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency with a credit card. OpenSea Erc20
For more information about the service, you can check their FAQs for the steps you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are available that are compatible with iOS or 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 royalty rates of 10% to artists (low royalties).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re a seller, 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 are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea Erc20
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to sell their works online to receive 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 the low commission rate you must pay.
You can shop and browse a vast collection of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & secure?
Answer: Yes! OpenSea is a reputable marketplace since it was founded at the end of 2018. Because its system is built on a blockchain that is secure, you can declare that transactions are safe and secure.
In addition, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear next to your account or the collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How can I earn royalties on OpenSea?
As an artist, you will receive only up to 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison against the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and other sites to provide many more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before, there is definitely an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store and begin browsing through the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).