The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto currency. Markets have popped up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s see the possibilities of OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Hashmasks
The aim for OpenSea was to simply provide an online marketplace for artists to upload their commissions, without having to pay any additional costs. There are additional features which allow you to market your artwork without any problems.
When it comes to registration, you don’t need to give all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It is also based using the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains available it is possible to choose which one you want to upload your NFT on as a seller. This will ensure the security of your NFT, along with 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 is like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to official art from an artist that you admire. Anyone can sell however it takes a while before anyone can become an established one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you can join in with this! You can start your own marketplace on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials have heard of 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 newest things you can purchase your cryptocurrency includes an NFT. The NFT is a token that is non-fungible that is very exclusive and cannot be substituted. It could be an item of rareness, such as authentic baseball cards, or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible item that you sell online. More straightforwardly, you can just think of an NFT as a digital item paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling the ownership of the particular item that you posted to market, as you’re putting it up for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and simply creating a collection to start! Complete the correct and complete information about your NFT and then select what type of settings you want for it (e.g. blockchain or payment tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from now to see whether OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about the kind of NFTs can be found here and what kind of NFTs you can sell should you decide to go that route. The type of NFT it can be isn’t limited as there’s a variety of ways to go about it.
You could be selling digital items, trading cards game assets, domain names, and some physical items! Find out what you think will yield the most profit by experimenting with 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 when you 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 don’t need to pay on additional fees.
Very few NFT marketplaces offer this feature, and it can be a fantastic way to earn a high return from your NFT collection.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets, you can receive benefits when you refer someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t have the same feature and that’s another advantage OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency on these platforms. OpenSea Hashmasks
You can convert your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option of converting them into ETH, which is the primary crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than others. Since it is built around the ETH blockchain, any wallets that share that network will be suitable for the site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. OpenSea Hashmasks
To know more about it, you can check their FAQs to get the steps you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea Hashmasks
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online to receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use it to sell NFTs because of its zero cost of gas and low commission fee rate you must pay.
You can shop and browse an array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legit & safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in 2018. Since the system it operates on is built on a blockchain that is secure, you can claim that your transactions are safe and secure.
In addition as a seller you’ll be verified when you build up your reputation. A blue checkmark will be assigned next to your account or any collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties after you upload 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 widely used on this site as well as numerous others to cater for more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier There is an official mobile application from OpenSea available for both iOS or Android. You can download it through their app store, and begin browsing through the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can 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/).