The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is 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 largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and let’s see the possibilities of OpenSea as well as examining 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 review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Graphql
The purpose to create OpenSea was to offer a platform/marketplace for artists to upload their commissions without any extra charges. There are additional features which allow you to market your art without too many problems.
For registration, you won’t have to worry about giving all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It is also based with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains it is possible to choose which one you would like to publish your NFT as seller. This is to ensure the security of your NFT, along with those who wish to purchase it. All transactions will be made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist you admire. Anyone can sell however it takes time for anyone to become an established one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you could also be a part of this! You can set up your own marketplace there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but not exactly sure what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible currency that is exclusive and cannot be substituted. It could be a piece of rareness like mint-condition baseball trading cards or uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item that you sell on the internet. In simpler terms, you could just consider the NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you posted to the market place, but selling it. Typically, this is official once you fill out the proper information regarding the NFT and then add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and simply create a collection! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain, money transfer tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from here on out to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself what kind of NFTs you shop for here and what you can also sell if you decide to go that route. The kind of NFT it is indefinite because there’s a wide range of options for how to do it.
It is possible to sell trade cards, digital goods games, domain names, and some physical items! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from other companies. There’s no cost for gas for using this feature to mint and sell NFTs. This means you’ll get the most profit when you begin selling since you won’t need to spend on extra fees.
Not many NFT marketplaces offer this feature, so this is great for you to make a huge profit from your collection.
The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer your friend 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 sales amount, which means you can earn more money by this method.
Other NFT marketplaces do not have the same feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. While you’re not able to buy or sell something, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use, and you can convert your fiat money into cryptocurrency through these platforms. OpenSea Graphql
You can exchange your fiat currency using a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
All of these have the option to exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly using an ETH blockchain, wallets which are part of the same network are suitable for the site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only, and the function to purchase cryptocurrency with the credit card. OpenSea Graphql
For more information about the service, you can check their FAQs for the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions OpenSea Graphql
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists who use the platform to market NFTs because of its zero cost of gas and the low commission rate that you have to pay.
You can browse and purchase an array of digital products on this NFT marketplace and you must go through it!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year 2018. Since its system is built on a blockchain that is secure, you can claim that your transactions are safe and secure.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed to your account or any collection you uploaded to reassure any customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How can I earn royalties from OpenSea?
As an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is considered to be quite low in comparison against others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is widely utilized on this website and many others to accommodate many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile app by OpenSea for both iOS or Android. Download it at their respective app store and you can start exploring the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts as well as 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/).