The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto coins. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s explore what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea For Nft
The purpose for OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional fees. It also has additional functions which allow you to market your art without too many problems.
For registration, you don’t need to worry about giving too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use 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 on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains, you can choose which one you would like to upload your NFT on as seller. This is to ensure the security of your NFT as well as the people who want to buy it. All transactions are made using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can sell however, it takes time before anyone can become a reputable one.
There are a variety of NFTs from the selection on OpenSea, and you can also be a part of this! You can start your own marketplace on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry the term “NFT” has been going around for so long on internet that a lot of millennials have heard of it but aren’t sure exactly what it means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can buy includes an NFT. A NFT is a non-fungible currency that is unique and can’t be substituted. This can be an item of rarity like authentic baseball cards or unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible object that you can sell online. More straightforwardly, you can just consider as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming ownership over that particular token/item that you posted to the market place, but selling it. Typically, this is official after you fill in the proper information regarding the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and create a collection! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use it with (e.g. blockchain and payment tokens). After that then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how the transactions go from here on out to determine if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself which kind of NFT you shop for here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT it can be is unlimited as there’s a variety of ways to approach it.
It is possible to sell digital items, trading cards, game assets domain names, also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the others. There are zero gas fees for using this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you start selling 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 earn a high return from your collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer benefits by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50% of the sale 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 items as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal to exchange your fiat money for cryptocurrency through these platforms. OpenSea For Nft
You can swap the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built using the ETH blockchain, wallets which are part of that network will be suitable for this site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency with a credit card. OpenSea For Nft
To learn more about it You can go through their FAQs to see the steps you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions OpenSea For Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists using it to sell NFTs because of its zero 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 and you must check it out!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception in the year 2018. Since the system it operates on is built on blockchain technology that is secure, you can claim that your transactions are protected and secured.
Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will be assigned to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you will get only 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared to others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and other sites to provide more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using 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 previously mentioned, there is definitely an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store and then you can begin exploring the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts as well as receive 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/).