Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto-coins. Marketplaces are popping up all over the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re interested in crypto, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s explore the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea L
The goal to create OpenSea was to simply provide a platform/marketplace for artists to upload their commissions without any extra costs. It also has additional functions that let you sell your work without having to deal with many difficulties.
In terms of registration, you won’t have to provide too many details about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It also functions using the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains, you can choose which one you’d like to publish your NFT as seller. This ensures the safety of your NFT as well as those who would like to purchase it. All transactions are made using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist that you admire. Anyone can be a seller however, it takes some time for anyone to be an established seller.
There are a variety of NFTs in the collection on OpenSea and you could become a part of that! You can start your own marketplace there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible token that is individual and cannot be substituted. This can be an item of rareness like authentic baseball cards, or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible object you’re selling on the internet. In simpler terms, you could simply consider as an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. It is a way of claiming the owner of the item or token you uploaded on the market place, but you’re offering it for sale. Usually, this becomes official after you fill in the correct 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 simply creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain, payments tokens). After you’ve completed the process, you can finally upload it if it fits the 100 MB limit.
You can watch and see how the transactions go from now on to see if OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself which kind of NFT can you shop for here and what kind of NFTs you can also sell if you choose to pursue that route. The kind of NFT it is unlimited because there’s a wide range of options for how to do it.
You could be selling trade cards, digital goods game assets, domain names, and also physical goods! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from other companies. There’s no cost for gas for using this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t have to spend on any additional charges.
Very few NFT marketplaces provide this feature, and it is great for you to make a huge profit from your collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more cash through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for both iOS and Android. Although you aren’t able to purchase or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal, and you can trade your fiat currency for cryptocurrency on these platforms. OpenSea L
You can exchange your fiat currency using a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
All of them have the option to exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than others. Since it is built around the ETH blockchain, wallets that share that network will be suitable for this website.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency with the credit card. OpenSea L
To learn more about it to learn more, check out their FAQs to see an overview of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- It is not possible to buy or sell items via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto 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 extra charge for it.
Frequently Asked Questions OpenSea L
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use for selling NFTs because of its zero gas costs and low commission fee rate that you have to pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year of 2018. Since the system it operates on is built on a blockchain, it is safe to claim that your transactions are secure and safe.
Additionally as a seller you can become verified once you build up your reputation. A blue checkmark is placed to your account or any 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 from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is widely used on this site as well as other sites to provide the increasing number of cryptocurrency users. These are other cryptos 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 options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned there’s an official mobile app from OpenSea available for both iOS as well as Android. You can download it through their app store and then you can begin exploring the collection now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and get notifications about updates to 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/).