The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and discover the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, 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 Gas Fee For Selling
The aim for OpenSea was to offer a platform/marketplace for artists to upload their commissions, without having to pay any additional fees. There are additional features that allow you to sell your work without having to deal with many difficulties.
When it comes to registration, you don’t need to worry about giving all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for most processes. It also operates with the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains it is possible to choose which one you would like to transfer your NFT to as seller. This ensures the safety of your NFT and those who would like to purchase it. All transactions are made along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist you admire. Anyone can be a seller however it takes a while for anyone to be an established one.
There’s a huge selection in the collection on OpenSea and you could also be a part of the collection! You can create your own market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the new things 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 an item of any rareness, such as authentic baseball cards, or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you can sell on the internet. It is simpler to simply think of the NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming the owner of the item or token that you posted to the market place, but you’re selling it. Usually, this is recognized when you have filled in all the necessary information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and making a collection to begin! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain and payment tokens). After that you are able to upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from now to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering what kind of NFTs can be found here and what you can sell should you decide to pursue that route. The type of NFT it can be is indefinite since there’s a broad range of options for how to do it.
You could be selling digital items, trading cards, game assets domain names, some physical items! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from other companies. There’s no cost for gas when you utilize this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on any additional charges.
Not many NFT marketplaces offer this feature, and it is great for you to make a huge profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which means you can make more money by this method.
Other NFT marketplaces do not have this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. Even though you can’t buy or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency on these platforms. OpenSea Gas Fee For Selling
You can convert your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of them have the option to exchange for ETH that is the standard cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built on an ETH blockchain, all wallets which are part of that network will be suitable for the site.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, mobile-only usage, and the function to buy cryptocurrency using credit cards. OpenSea Gas Fee For Selling
To know more about it You can go through their FAQs to see the steps you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- Cannot buy or sell through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions OpenSea Gas Fee For Selling
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its no gas fees and the low commission rate you must 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 & safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year of 2018. Since the system it operates on is built on blockchain technology, it is safe to say that your transactions are protected and secured.
In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared with other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is frequently utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using secure platforms that accept 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 we mentioned earlier There is an official mobile app by OpenSea available for both iOS and Android. Install it from their app store and begin exploring the collection now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).