The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Error Matching This Listing
The goal of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional charges. It has more functions that let you sell your artwork without any difficulties.
For registration, you won’t have to provide any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also operates using the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains that are available you can pick which one you would like to publish your NFT as a seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions will be made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to official art from an artist that you admire. Anyone can sell, but it takes time for anyone to become a reputable one.
There is a wide variety in the collection of NFTs available at OpenSea and you can become a part of the collection! You can set up your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t sure exactly what it is. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can buy can be an NFT. An NFT is a token that is non-fungible that is very unique and can’t be substituted. It can be an item of rarity like mint-condition baseball trading cards, or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible item you’re selling online. It is simpler to simply consider as an NFT to be a type of digital collectible paid via 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 marketplace, and offering it for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and create a collection! Complete the correct and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g. blockchain and payments tokens). After that you are able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how transactions progress from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering which kind of NFT can be purchased here and what kind of NFTs you can also sell if you choose to go that route. The kind of NFT it is unlimited because there’s a wide range of how you can approach it.
You can be selling digital products, trading cards games domain names, also physical goods! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you don’t need to pay on extra fees.
Very few NFT marketplaces have this feature, so this is a great way to make a huge profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits by referring your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which means you can make more money through this action.
Other NFT marketplaces don’t have the same feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
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 something, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also exchange your fiat money for cryptocurrency using these platforms. OpenSea Error Matching This Listing
You can exchange the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option of exchange for ETH, which is the primary crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built on an ETH blockchain, wallets that share the same network are suitable for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage and the ability to buy cryptocurrency using a credit card. OpenSea Error Matching This Listing
For more information about the service to learn more, check out their FAQs to see the steps you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea Error Matching This Listing
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists using the platform to market NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of 2018. Because its system is built on blockchain technology, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you will be verified after you build up your reputation. A blue checkmark will be assigned to your account or the collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared against the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been frequently used on this site and numerous others to cater for the increasing number of crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As mentioned before, there is definitely an official mobile app from OpenSea that is available for iOS as well as Android. Download it at their respective app store and you can start exploring the collection right now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).