The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It has become one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and discover the possibilities of OpenSea and also see 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Illuvium
The purpose for OpenSea was to provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. It also has additional functions which allow you to market your work without having to deal with many problems.
In terms of registration, you won’t have to worry about giving all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used to carry out the majority of processes. It also functions using the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains that are available, you can choose which one you would like to upload your NFT on as a seller. This will ensure the security of your NFT, along with those who would like to buy it. All transactions are made along with this blockchain, and you must consider 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 buy anything the simplest domain name to official art from an artist that you admire. Anyone can be a seller, but it takes time before anyone can become an established one.
There’s a huge selection from the selection at OpenSea, and you can join in with that! You can set up your own marketplace there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development 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 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 newest things you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible token that is individual and cannot be changed. This can be a piece of rareness, such as rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can just imagine the NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling the ownership of the particular item that you have uploaded to the market place, but selling it. Usually, this becomes official after you fill in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and making a collection to begin! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain, payment tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from here on out to see if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself what kind of NFTs can be found here and what you can also sell if you decide to go down that path. The type of NFT it is unlimited since there’s a broad range of options for how to do it.
You can be selling trade cards, digital goods game assets domain names, even physical assets! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the other options. There are no gas costs when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you don’t need to pay on additional fees.
Very few NFT marketplaces have this feature, which is why this is great for you to earn a high return from your collection.
A Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, letting you make more money by this method.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can 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, and you can trade your fiat currency for cryptocurrency using these platforms. OpenSea Illuvium
You can swap the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option of exchange for ETH, which is the most common crypto payment in OpenSea.
Although 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 mainly using an ETH blockchain, wallets which are part of this network are appropriate for the site.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with credit cards. OpenSea Illuvium
To know more about it to learn more, check out their FAQs to see an overview of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea Illuvium
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online and receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use for selling NFTs due to its no gas fees and the low commission rate which you are required to pay.
You can browse and purchase an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in 2018. Because its system is built on blockchain technology and is secured, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark will be assigned next to your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared against others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is frequently used on this site and other sites to provide the increasing number of crypto users. Below are the other cryptocurrency that you can buy on 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 on the website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier there’s an official mobile app by OpenSea for both iOS as well as Android. Install it from their app store, and then you can begin browsing through the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and get 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/).