Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
So, hop on board and let’s see what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, 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.
OpenSea as an NFT Marketplace OpenSea Gas
The goal for OpenSea was to simply provide an online marketplace for artists to upload commissions without any extra fees. It has more functions which allow you to market your art without too many issues.
When it comes to registration, you won’t have to worry about giving all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also operates using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains, you can choose which one you want to upload your NFT on as seller. This will ensure the security of your NFT and the people who want to purchase it. All transactions will be made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist that you admire. Anyone can sell, but it takes some time for anyone to become a reputable one.
There is a wide variety of NFTs available of NFTs available at OpenSea, and you can join in with that! You can create your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but not exactly sure what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be substituted. This can be an item of any rarity like authentic baseball cards or rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object that you can sell online. In simpler terms, you could just imagine an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming ownership over that particular token/item you uploaded on the marketplace, and you’re selling it. Usually, this is recognized once you fill out the proper information regarding the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and create a collection! Complete the correct and complete information about your NFT and select the type of settings you want to use it with (e.g., blockchain and money transfer tokens). After that you are able to upload it if it fits the limit of 100MB.
You can watch and see how transactions progress from now on to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about which kind of NFT can you shop for here, and what you could also sell if you decide to go down that path. The kind of NFT that you can purchase is unlimited as there’s a variety of ways to go about it.
You could be selling digital products, trading cards games, domain names, and some physical items! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the others. There’s no cost for gas 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 start selling because you won’t have to spend on extra fees.
Very few NFT marketplaces have this feature, which is why this is great for you to earn a high return from your collection.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can make more money through this action.
Other NFT marketplaces don’t offer this kind of feature either This is a further benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available on both iOS as well as Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency through these platforms. OpenSea Gas
You can swap your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
Each of them has the option of converting them into ETH that is the most common cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly on the ETH blockchain, any wallets with a connection to the same network are suitable for the site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using credit cards. OpenSea Gas
To know more about it You can go through their FAQs to see an overview of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used 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).
- You cannot buy or sell products via the mobile app.
- Only supports cryptocurrency as its method of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea Gas
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s a great platform for artists using for selling NFTs because of its zero cost of gas and low commission fees you must pay.
You can browse and shop for the vast array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception at the end of the year 2018. Since the system it operates on is built on a blockchain that is secure, you can say that your transactions are safe and secure.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned on your account or the collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been widely used on this site and many others to accommodate many more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea that is available for iOS or Android. Install it from their app store and begin exploring the collection now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).