Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking what NFTs you can view!
Before you go on, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Fees Gas
The goal for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra costs. It has more functions which allow you to market your artwork without any issues.
In terms of registration, you don’t need to worry about giving too many details about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used to carry out the majority of processes. It also functions on the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains, you can choose which one you want to upload your NFT on as an seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions will be made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist that you admire. Anyone can be a seller however, it takes time for anyone to be a reputable one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you could become a part of that! You can start your own personal market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t sure exactly what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. The NFT is a token that is non-fungible that is very individual and cannot be changed. It can be a piece of rarity like mint-condition baseball trading cards, or a rare vinyl record.
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 the NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling the owner of the item or token that you have uploaded to market, as you’re putting it up for sale. Usually, this is recognized after you fill in the correct information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Complete the correct and complete information about your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain and payments tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from here on out to see if OpenSea is the marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering the kind of NFTs you shop for here and what you can also sell if you decide to pursue that route. The kind of NFT it is indefinite as there’s a variety of how you can approach it.
It is possible to sell digital products, trading cards, game assets, domain names, and even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the others. There’s no cost for gas when you use this feature when you create and market NFTs. This means you’ll get the most profit when you sell because you don’t need to pay on extra fees.
Not many NFT marketplaces provide this feature, which is why this is a great way to make a huge profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer rewards when you refer your friend to OpenSea! If you refer a friend to join OpenSea and 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 from this act.
Other NFT marketplaces don’t offer this kind of feature either This is a further benefit OpenSea has over them.
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 for both iOS in addition to Android. While you’re not able to buy or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also exchange your fiat money for cryptocurrency on these platforms. OpenSea Fees Gas
You can swap your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than others. Since it is built mainly using the ETH blockchain, wallets with a connection to the same network are suitable for this site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency with credit cards. OpenSea Fees Gas
To learn more about it, you can check their FAQs to get an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions OpenSea Fees Gas
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online to receive cryptocurrency as a method of payment. It’s an ideal platform for artists using it to sell NFTs because of its zero gas costs and low commission fees which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in 2018. Because its system is built on a blockchain and is secured, 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 be assigned to your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you will receive only up to 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison with other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile app from OpenSea for both iOS and Android. Download it at their respective app store and then you can begin exploring the collection right now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and receive 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/).