The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea For Solana
The goal for OpenSea was to provide an online marketplace for artists to easily upload their commissions, without having to pay any additional fees. It has more functions which allow you to market your art without too many problems.
In terms of registration, you don’t need to worry about giving all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It also functions with the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains, you can choose which one you’d like to publish your NFT as an seller. This will ensure the security of your NFT as well as the people who want to buy it. Every transaction will be conducted along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to official art from an artist that you admire. Anyone can become a seller, but it takes time before anyone can become an established one.
There’s a huge selection in the collection at OpenSea and you can also be a part of that! You can create your own marketplace there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials have heard of it but not exactly sure what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. It could be a piece of rareness like mint-condition baseball trading cards or rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can just imagine an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming ownership over that particular token/item that you posted to market, as you’re selling it. Typically, this is official once you fill out the proper information regarding the NFT and upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then creating a collection to start! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain or payments tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from now on to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs be purchased here, and what you could also sell if you choose to go down that path. The kind of NFT that you can purchase is indefinite because there’s a wide range of ways to approach it.
You could be selling digital products, trading cards, game assets, domain names, and also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the other options. There are zero gas fees when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t have to spend on extra fees.
Very few NFT marketplaces provide this feature, which is why this is great for you to make a huge profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are advantages when you refer your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t have the same feature and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency through these platforms. OpenSea For Solana
You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
All of them have the option to exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than others. Because it is based using an ETH blockchain, any wallets which are part of this network are appropriate for the site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s 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 using credit cards. OpenSea For Solana
To know more about it You can go through their FAQs to get a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions OpenSea For Solana
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s a great option for artists who want to use it to sell NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can shop and browse an array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year of 2018. Because its system is based on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark is placed to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties from OpenSea?
As an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison against the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is commonly used on this site as well as other sites to provide the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app by OpenSea that is available for iOS or Android. Install it from their app store and you can start exploring the collection now!
A desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app 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/).