The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto currency. Markets have popped up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid 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 watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Erc721
The aim of OpenSea was to simply provide an online marketplace for artists to upload their commissions, without having to pay any additional charges. It also has additional functions that allow you to sell your work without having to deal with many issues.
When it comes to the registration process, you don’t have to worry about giving all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also functions using the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains that are available you can pick which one you would like to upload your NFT on as a seller. This will ensure the security of your NFT as well as those who wish to buy it. Every transaction will be conducted using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to official art from an artist that you admire. Anyone can become a seller however it takes a while for anyone to be an established one.
There’s a huge selection in the collection on OpenSea, and you can also be a part of that! You can set up your own marketplace here, along with finding NFTs that you would like to purchase for 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 the majority of young people are familiar with it but aren’t exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can buy includes an NFT. The NFT is a non-fungible currency that is very individual and cannot be substituted. It can be an item of any rarity like rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible item that you sell on the internet. In simpler terms, you could simply think of the NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to market, as you’re selling it. Typically, this is official once you fill out the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and then select what type of settings you want for it (e.g., blockchain and payments tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled from now to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering what kind of NFTs can be purchased here, and what you could also sell if you decide to go that route. The type of NFT it isn’t limited because there’s a wide range of ways to approach it.
You could be selling digital products, trading cards game assets, domain names, and even physical assets! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There are no gas costs when you use this feature when you create and market NFTs. This simply means that you’ll get the most profit when you start selling because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, and it can be a fantastic way to make a huge profit from your collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50% of the sale amount, which means you can earn more money by this method.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. Even though you can’t 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, and you can trade your fiat currency for cryptocurrency using these platforms. OpenSea Erc721
You can exchange your fiat currency using a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option of exchange for ETH which is the standard cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly on an ETH blockchain, all wallets which are part of that network will be suitable for this site.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, only mobile usage and the ability to buy cryptocurrency using the credit card. OpenSea Erc721
To learn more about it, you can check their FAQs to get the steps you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps for iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions OpenSea Erc721
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists using the platform to market NFTs due to its no cost of gas and low commission fee rate that you have to pay.
You can browse and shop for an array of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established in the year 2018. Since its system is based on a blockchain that is secure, you can claim that your transactions are protected and secured.
Additionally as a seller you’ll be verified when you have built up your credibility. A blue checkmark will appear next to your account or collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been widely used on this site and numerous others to cater for more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier There is an official mobile application from OpenSea for both iOS or Android. You can download it through their app store and then you can begin exploring the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and get 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/).