Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s see what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Gifting
The purpose for OpenSea was to provide a platform/marketplace for artists to upload commissions without any extra costs. It has more functions that allow you to sell your art without too many issues.
For registration, you won’t have to provide too many details about yourself. 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 and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It also functions using the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains available it is possible to choose which one you want to upload your NFT on as seller. This will ensure the security of your NFT and those who wish to purchase it. All transactions will be made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist that you admire. Anyone can become a seller however, it takes a while for anyone to be a reputable one.
There’s a huge selection of NFTs available on OpenSea and you can also be a part of that! You can set up 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”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency that is unique and can’t be replaced. It could be an item of any rareness like authentic baseball cards or rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item you’re selling online. More straightforwardly, you can just think of as an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item that you have uploaded to market, as selling it. Typically, this is official after you fill in the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and then select what type of settings you want for it (e.g. blockchain and payment tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled 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 wondering which kind of NFT be found here and what you can also sell if you choose to go down that path. The type of NFT it can be isn’t limited because there’s a wide range of ways to go about it.
You could be selling trade cards, digital goods games domain names, even physical assets! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the other options. There are zero gas fees for using this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you sell because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, and it is great for you to earn a high return from your NFT collection.
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you make more money by this method.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available 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 interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to convert your fiat money into cryptocurrency on these platforms. OpenSea Gifting
You can convert the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
All of these have the option of exchange for ETH, which is the primary cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are still more compatible with it than others. Since it is built using the ETH blockchain, any wallets that share this network are appropriate for this website.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency with the credit card. OpenSea Gifting
To know more about it You can go through their FAQs to get a rundown of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea Gifting
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online and receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero gas fees and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and secure?
Answer: Yes! OpenSea is a reputable marketplace since it was founded at the end of the year of 2018. Because its system is built on blockchain technology that is secure, you can claim that your transactions are protected and secured.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed on your account or collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties from OpenSea?
As an artist, you can be paid only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is widely utilized on this website and numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile app by OpenSea available for both iOS and Android. Install it from their app store, and you can start browsing through the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and get notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).