Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. Markets have popped up all over the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and discover what you can do with OpenSea, along with checking what NFTs you can 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea L2
The purpose to create OpenSea was to provide an online marketplace for artists to easily upload their commissions with no additional costs. There are additional features that let you sell your artwork without any problems.
In terms of registration, you won’t have to provide all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains you can pick which one you want to publish your NFT as an seller. This ensures the safety of your NFT, along with the people who want to buy it. All transactions are made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to official art from an artist you admire. Anyone can be a seller however it takes some time for anyone to be an established one.
There are a variety of NFTs of NFTs available at OpenSea and you can also be a part of that! You can create your own personal market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT” is a term that has been used in recent times “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 cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. It could be an item of any rareness, such as rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you sell online. In simpler terms, you could simply imagine the NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the ownership of the particular item you uploaded on the market place, but you’re offering it for sale. Typically, this is official when you have filled in all the necessary information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and then create a collection! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like for it (e.g. blockchain, payments tokens). After that, you can finally upload it if it fits the limit of 100MB.
You can watch and see the way transactions are handled from now to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about which kind of NFT can be found here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT it can be is indefinite since there’s a broad range of options for how to approach it.
It is possible to sell digital products, trading cards game assets domain names, some physical items! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from other companies. There’s no cost for gas when you use this feature to create and market NFTs. This means you’ll receive the maximum profits when you sell because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces have this feature, so this is a great way to make a huge profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to make more money by this method.
Other NFT marketplaces don’t have this feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. While you’re not able to buy or sell anything, you can still explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to convert your fiat money into cryptocurrency through these platforms. OpenSea L2
You can swap your fiat currency using a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
Each of them has the option of exchange for ETH which is the standard crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets still more compatible with it than others. Because it is based around the ETH blockchain, all wallets which are part of this network are appropriate for this site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage, and the function to purchase cryptocurrency using credit cards. OpenSea L2
To learn more about it, you can check their FAQs to see a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed to access 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% portion of commission fees that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions OpenSea L2
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online to receive cryptocurrency as a method of payment. It’s a great option for artists who want to use the platform to market NFTs due to its no gas costs and the low commission rate you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception in the year 2018. Since its system is built on blockchain technology, it is safe to declare that 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 to your account or collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as numerous others to cater for many more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea available for both iOS as well as Android. Install it from their app store and then you can begin browsing through the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and get notifications on updates regarding 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/).