Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto coins. Markets have popped up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re interested in crypto, you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea and also see the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Free Minting
The purpose of OpenSea was to provide an online marketplace for artists to upload their commissions without any extra fees. It also has additional functions which allow you to market your work without having to deal with many problems.
In terms of registration, you won’t have to provide all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It is also based using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains that are available you can pick which one you’d like to publish your NFT as an seller. This is to ensure the security of your NFT, along with those who wish to purchase it. Every transaction will be conducted using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist that you admire. Anyone can be a seller, but it takes time for anyone to be an established seller.
There is a wide variety in the collection at OpenSea and you can also be a part of the collection! You can start your own market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto industry, the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but not exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency that is very individual and cannot be changed. It could be a piece of rareness, such as mint-condition baseball trading cards or unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible object that you can sell on the internet. In simpler terms, you could just consider an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You are calling the owner of the item or token you uploaded on market, as offering it for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and simply making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you want to use it with (e.g. blockchain, payment tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from here on out to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about which kind of NFT be found here, and what you could also sell if you decide to pursue that route. The type of NFT that you can purchase isn’t limited since there’s a broad range of ways to approach it.
You could be selling digital products, trading cards, game assets domain names, also physical goods! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the others. There are no gas costs for using this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you don’t need to pay on extra fees.
Very few NFT marketplaces have this feature, which is why this is great for you to receive high profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive benefits when you refer someone else 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 allows you to earn more cash from this act.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS as well as Android. Even though you can’t buy or sell things, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to trade your fiat currency for cryptocurrency using these platforms. OpenSea Free Minting
You can swap the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of them have the option of converting them into 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 still more compatible with it than others. Since it is built on an ETH blockchain, all wallets which are part of the same network are suitable for this website.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency with the credit card. OpenSea Free Minting
To know more about it to learn more, check out their FAQs to see an overview of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. 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 or Android.
- Smart contracts are used for transactions.
- High-level security with the support 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).
- Cannot buy or sell via this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea Free Minting
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online to receive cryptocurrency as a form of payment. It’s a great platform for artists using the platform to market NFTs because of its zero gas fees and low commission fees which you are required to pay.
You can browse and shop for an array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in 2018. Since its system is built on blockchain technology that is secure, you can say that your transactions are protected and secured.
In addition, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark is placed next to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is believed to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is widely used on this site and many others to accommodate more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before there’s an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store and you can start exploring the collection now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and 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/).