The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto currency. Markets have popped up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s see what you can do with OpenSea as well as examining what NFTs you can 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 Gr
The aim for OpenSea was to provide an online marketplace for artists to upload their commissions, without having to pay any additional fees. There are additional features which allow you to market your artwork without any difficulties.
In terms of the registration process, you don’t have to worry about giving any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for most processes. It is also based with the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains you can pick which one you’d like to transfer your NFT to as a seller. This ensures the safety of your NFT and those who wish to buy it. All transactions are made using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist you admire. Anyone can become a seller, but it takes some time for anyone to be a reputable one.
There is a wide variety in the collection at OpenSea, and you can also be a part of the collection! You can set up your own personal market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible currency that is very individual and cannot be substituted. It can be an item of any rareness, such as mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible object that you can sell online. It is simpler to just consider the NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming the ownership of the particular item that you posted to the marketplace, and you’re selling it. Usually, this is recognized once you fill out the correct information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and then create a collection! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like for it (e.g., blockchain, payment tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see the way transactions are handled from now on to see if OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about which kind of NFT be found here, and what you could also sell if you choose to pursue that route. The type of NFT it isn’t limited as there’s a variety of how you can go about it.
You can be selling digital items, trading cards, game assets, domain names, and even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the other options. There are no gas costs for using this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to make a huge profit from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are advantages by referring your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the purchase amount, which means you can earn more cash from this act.
Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything while you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Even though you can’t buy or sell anything, you can still look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency through these platforms. OpenSea Gr
You can convert your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option to exchange for ETH that is the standard crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets still more compatible with it than others. Since it is built around an ETH blockchain, all wallets with a connection to the same network are suitable for the site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency using the credit card. OpenSea Gr
For more information about the service You can go through their FAQs for a rundown of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% for artists (low royalties).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea Gr
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online to receive cryptocurrency as their form of payment. It’s a great option for artists who want to use it to sell NFTs due to its low gas costs and low commission fees that you have to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established in the year of 2018. Since its system is built on a blockchain that is secure, you can claim 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 is placed next to your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared to others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is frequently utilized on this website and many others to accommodate more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier There is an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store and you can start exploring the collection now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications on updates regarding 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/).