The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto coins. Markets have popped up all over the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve probably 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.
Now hop aboard, and let’s see the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Ico
The purpose to create OpenSea was to simply provide artists with a marketplace/platform to upload commissions with no additional costs. It also has additional functions that allow you to sell your art without too many difficulties.
For registration, you won’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 easy 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 which is utilized to carry out the majority of processes. It also functions with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains you can pick which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT as well as the people who want to buy it. All transactions will be made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name, to a piece of art by an artist you admire. Anyone can sell however it takes a while for anyone to be an established seller.
There are a variety of NFTs of NFTs available on OpenSea and you can also be a part of this! You can set up your own personal market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it is. 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 newest things that you can buy with cryptocurrency is an NFT. The NFT is a token that is non-fungible that is very unique and can’t be substituted. This can be an item of rareness like authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling on the internet. In simpler terms, you could simply consider the NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you posted to the marketplace, and you’re putting it up for sale. Typically, this is official after you fill in the correct information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and then creating a collection to start! Input the appropriate and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g. blockchain, payment tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how the transactions go from here on out to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about the kind of NFTs can you shop for here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT that you can purchase is indefinite as there’s a variety of ways to approach it.
You could be selling digital items, trading cards games domain names, even physical assets! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from other companies. There are zero gas fees for using this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, which is why this is great for you to make a huge profit from your collection.
The Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can earn more cash by this method.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. You can’t buy or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for both iOS and Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you to trade your fiat currency for cryptocurrency on these platforms. OpenSea Ico
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 more!
Each of them has the option of exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets still more compatible with it than others. Because it is based on the ETH blockchain, wallets which are part of that network will be suitable for this site.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. OpenSea Ico
For more information about the service, you can check their FAQs for the steps you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available for 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 market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re selling, 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 is no additional fee for it.
Frequently Asked Questions OpenSea Ico
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists who use for selling NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace and you must take a look!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
Furthermore as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark is placed on your account or the collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared against others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is frequently utilized on this website and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment methods 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 need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As mentioned before There is an official mobile app from OpenSea available for both iOS as well as Android. Install it from their app store and then you can begin exploring the collection right now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and receive alerts on any updates that affect your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).