Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea For Beginners
The purpose for OpenSea was to provide an online marketplace for artists to easily upload their commissions with no additional fees. There are additional features which allow you to market your artwork without any difficulties.
For registration, you don’t need to give any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It is also based using the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains available, you can choose which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT as well as those who would like to buy it. All transactions are 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. It is possible to purchase anything just a domain name to official art by an artist you admire. Anyone can become a seller, but it takes a while for anyone to be an established one.
There are a variety of NFTs of NFTs available on OpenSea, and you can join in with the collection! You can set up your own personal market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto market, the term “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible currency that is very individual and cannot be replaced. It can be a piece of rareness like authentic baseball cards, or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible item that you sell online. In simpler terms, you could just consider as an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You are calling the ownership of the particular item you uploaded on market, as you’re selling it. Usually, this is recognized after you fill in the proper information regarding the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like for it (e.g. blockchain or payments tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from now on to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself what kind of NFTs be purchased here and what you can also sell if you choose to go down that path. The type of NFT it is indefinite since there’s a broad range of how you can do it.
It is possible to sell trade cards, digital goods games domain names, some physical items! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from other companies. There are zero gas fees when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t have to spend on any additional charges.
Very few NFT marketplaces provide this feature, and it is a great way to receive high profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which means you can make more money from this act.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for both iOS as well as Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. OpenSea For Beginners
You can exchange your fiat currency using a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and more!
All of them have the option of exchange for ETH which is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built mainly using an ETH blockchain, any wallets which are part of the same network are suitable for this website.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using a credit card. OpenSea For Beginners
To learn more about it to learn more, check out their FAQs to get an overview of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea For Beginners
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online, and to accept cryptocurrency as their form of payment. It’s a great option for artists who want to use it to sell NFTs due to its no gas fees and low commission fees that you have to pay.
You can shop and browse the vast array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea real and safe?
Answer: Yes! OpenSea is a reputable marketplace since it was founded at the end of the year 2018. Because its system is built on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed 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 on OpenSea?
As an artist, you’ll get only 10% of the royalties once you upload the NFT. This is considered to be reasonably low compared to others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile app by OpenSea for both iOS and Android. Install it from their app store and you can start browsing through the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).