Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. Markets have popped up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is 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 enthusiasts due to its security and quick transactions.
So, hop on board and let’s see what you can do with 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Etherium Discord
The purpose of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. There are additional features which allow you to market your artwork without any difficulties.
When it comes to registration, you don’t need to give any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without many hurdles as you walk 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 this is used for most processes. It also functions on the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains available, you can choose which one you would like to publish your NFT as seller. This is to ensure the security of your NFT and the people who want to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to official art from an artist you admire. Anyone can become a seller, but it takes some time for anyone to be an established one.
There’s a huge selection in the collection of NFTs available at OpenSea and you could also be a part of this! You can start 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” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t sure exactly 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 purchase your cryptocurrency includes an NFT. The NFT is a token that is non-fungible that is individual and cannot be replaced. This can be an item of any rarity like mint-condition baseball trading cards or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you sell online. In simpler terms, you could just consider as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the ownership of the particular item that you have uploaded to the marketplace, and you’re putting it up for sale. Typically, this is official once you fill out all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and then create a collection! Input the appropriate and complete information about your NFT and select the type of settings you want to use it with (e.g., blockchain or payment tokens). After you’ve completed the process, you can finally upload it if it fits the 100 MB limit.
You can watch and see how the transactions go from here on out to see whether OpenSea is the marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering what kind of NFTs be purchased here, and what you could also sell if you choose to pursue that route. The kind of NFT it can be is indefinite as there’s a variety of options for how to go about it.
You can be selling digital items, trading cards games, domain names, and also physical goods! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the other options. There’s no cost for gas when you utilize this feature when you create and market NFTs. This means you’ll get the most profit when you start selling because you won’t have to spend on any additional charges.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your collection.
This Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you earn more cash from this act.
Other NFT marketplaces don’t offer this kind of feature either This is a further benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but 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 on the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you to convert your fiat money into cryptocurrency on these platforms. OpenSea Etherium Discord
You can exchange your fiat currency using a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of converting them into ETH that is the primary cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than other. Because it is based on the ETH blockchain, wallets that share this network are appropriate for the site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using a credit card. OpenSea Etherium Discord
For more information about the service to learn more, check out their FAQs to see a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed for this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea Etherium Discord
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to sell their works online and receive cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs because of its zero gas costs and low commission fees you must pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year of 2018. Since its system is based on a blockchain that is secure, you can claim that your transactions are safe and secure.
Additionally as a seller you will be verified after you build up your reputation. A blue checkmark will appear next to your account or any collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be quite low in comparison against the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as 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 make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before There is an official mobile app from OpenSea for both iOS or Android. Download it at their respective app store and begin exploring the collection now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and receive alerts on any updates that affect 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/).