The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up across the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s see what you can do with OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch 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 of OpenSea.
OpenSea as an NFT Marketplace OpenSea Farsite
The goal for OpenSea was to simply provide an online marketplace for artists to upload commissions without any extra costs. There are additional features which allow you to market your artwork without any issues.
When it comes to registration, you don’t need to provide too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It also functions with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains it is possible to choose which one you would like to transfer your NFT to as seller. This will ensure the security of your NFT as well as those who would like to purchase it. Every transaction will be conducted using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork by an artist you admire. Anyone can sell however, it takes some time for anyone to become an established one.
There is a wide variety from the selection at OpenSea and you could join in with the collection! You can start your own market there, and also find NFTs you want to purchase 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 for so long on internet that the majority of young people have heard of it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible currency which is extremely exclusive and cannot be replaced. This can be an item of rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can simply consider an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and you’re offering it for sale. Usually, this becomes official when you have filled in the correct information about the NFT and then add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and simply create a collection! Input the appropriate and complete information about your NFT and then select what type of settings you want for it (e.g., blockchain and money transfer tokens). Once that’s all done then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from now to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about what kind of NFTs can be found here, and what you could also sell if you decide to pursue that route. The kind of NFT that you can purchase is indefinite since there’s a broad range of options for how to go about it.
You could be selling digital items, trading cards, game assets, domain names, and also physical goods! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the others. There are zero gas fees when you use this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you sell because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces offer this feature, so this is great for you to receive high profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, letting you earn more money through this action.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use, and you can convert your fiat money into cryptocurrency using these platforms. OpenSea Farsite
You can exchange your fiat currency using a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
All of them have the option of converting them into ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built around an ETH blockchain, any wallets with a connection to that network will be suitable for this site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency using credit cards. OpenSea Farsite
To know more about it to learn more, check out their FAQs for a rundown of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea Farsite
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to market their work online to receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its low cost of gas and the low commission rate that you have to pay.
You can browse and purchase an array of digital items on the NFT marketplace and you must take a look!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year of 2018. Since its system is built on a blockchain, it is safe to declare that transactions are safe and secure.
Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear on your account or the collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is frequently utilized on this website and many others to accommodate many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the 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 transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier there’s an official mobile app from OpenSea that is available for iOS or Android. Install it from their app store, and begin exploring the collection now!
The version for desktops that OpenSea that can be downloaded through 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/).