The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto currency. There are numerous marketplaces popping up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s see the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Lazy Minting
The goal to create OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional fees. There are additional features that allow you to sell your work without having to deal with many issues.
For registration, you won’t have to give too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It also operates using the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains available you can pick which one you’d like to transfer your NFT to as an seller. This will ensure the security of your NFT as well as those who would like to buy it. All transactions are made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes time for anyone to become an established one.
There’s a huge selection of NFTs available of NFTs available at OpenSea, and you can become a part of this! You can create your own marketplace there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry the term “NFT” has been going around for so long on the internet that many millennials have heard of it but not exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy includes an NFT. An NFT is a token that is non-fungible that is very unique and can’t be substituted. It could be an item of any rarity like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you can sell online. In simpler terms, you could simply consider an NFT as a digital item paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling the owner of the item or token that you posted to the market place, but you’re selling it. Typically, this is official once you fill out all the necessary information about the NFT and then add it on the market.
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! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain and money transfer tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from now on to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT can you shop for here, and what you could sell should you decide to go that route. The type of NFT that you can purchase 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, even physical assets! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from the others. There are zero gas fees when you use this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, which is why this is a great way to earn a high return from your collection.
The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t offer the same feature This is a further benefit OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use, and you can exchange your fiat money for cryptocurrency on these platforms. OpenSea Lazy Minting
You can exchange 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!
All of them have the option to exchange for ETH that is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than others. Since it is built mainly around the ETH blockchain, any wallets with a connection to that network will be suitable for the site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage as well as the capability to buy cryptocurrency using a credit card. OpenSea Lazy Minting
For more information about the service You can go through their FAQs to get a rundown of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its method of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions OpenSea Lazy Minting
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to market their work online to receive cryptocurrency as a form of payment. It’s a great platform for artists who use the platform to market NFTs due to its no cost of gas and low commission fee rate that you have to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and secure?
Answer: Yes! OpenSea is a reputable marketplace since it was founded in 2018. Since its system is built on a blockchain, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned to your account or collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure that users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared with others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been frequently 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 use for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
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 you can start exploring the collection now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive alerts on any updates that affect 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/).