The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto coins. Markets have popped up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and discover what you can do with OpenSea and also see the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Hide
The aim to create OpenSea was to provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional charges. It also has additional functions that allow you to sell your art without too many difficulties.
For registration, you don’t need to provide too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It also operates with the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains that are available you can pick which one you’d like to upload your NFT on as a seller. This is to ensure the security of your NFT as well as those who wish to buy it. All transactions will be made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist you admire. Anyone can sell however it takes some time for anyone to be an established seller.
There’s a huge selection from the selection on OpenSea and you can become a part of that! You can start your own marketplace on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency that is very individual and cannot be substituted. It can be an item of any rarity like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can just think of as an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token you uploaded on the marketplace, and offering it for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and create a collection! Fill out the proper and correct information regarding your NFT and select the type of settings you want to use it with (e.g. blockchain, payment tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how the transactions go from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself what kind of NFTs can be purchased here and what you can also sell if you choose to go down that path. The kind of NFT it isn’t limited since there’s a broad range of ways to approach it.
You can be selling digital products, trading cards games, domain names, and also physical goods! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the others. There are no gas costs when you utilize this feature to mint and sell NFTs. This means you’ll be able to make the highest profits once you sell because you don’t need to pay on extra fees.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and buy 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 don’t offer the same feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to trade your fiat currency for cryptocurrency on these platforms. OpenSea Hide
You can exchange your fiat currency using a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of them have the option of converting them into ETH which is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based around an ETH blockchain, wallets that share the same network are suitable for this website.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency with a credit card. OpenSea Hide
To learn more about it, you can check their FAQs to see a rundown of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, 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 for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% to artists (low royalties).
- Cannot buy or sell on this mobile application.
- Only supports cryptocurrency as its form 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 a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions OpenSea Hide
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs due to its low gas costs and low commission fees that you have to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in the year of 2018. Since the system it operates on is based on a blockchain, it is safe to declare that transactions are safe and secure.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or any collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared against others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile application from OpenSea that is available for iOS as well as Android. Install it from their app store and begin browsing through the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts as well as 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/).