The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto coins. Marketplaces are popping up all over the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and discover what you can do with OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Leather
The goal for OpenSea was to offer artists with a marketplace/platform to upload their commissions without any extra fees. There are additional features that allow you to sell your work without having to deal with many issues.
When it comes to registration, you don’t need to give 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 easy as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also operates with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains you can pick which one you would like to upload your NFT on as an seller. This is to ensure the security of your NFT and those who would like to buy it. Every transaction will be conducted by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist that you admire. Anyone can become a seller, but it takes a while before anyone can become an established one.
There are a variety of NFTs from the selection of NFTs available at OpenSea, and you can become a part of this! You can start your own market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry”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 have heard of it but not exactly sure what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible currency that is very unique and can’t be replaced. This can be an item of rareness like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you sell online. In simpler terms, you could simply imagine an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You are calling the owner of the item or token you uploaded on the marketplace, and you’re offering it for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and then create a collection! Input the appropriate and accurate information about your NFT and then select what type of settings you want to use it with (e.g., blockchain or payment tokens). After that you are able to upload it if it fits the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself the kind of NFTs you shop for here and what kind of NFTs you can also sell if you choose to go down that path. The kind of NFT it isn’t limited since there’s a broad range of ways to do it.
You could be selling trade cards, digital goods game assets, domain names, and also physical goods! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the others. There’s no cost for gas when you use this feature when you make and then sell the 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 extra fees.
There aren’t many NFT marketplaces have this feature, and it is a great way to receive high profit from your collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets that offer rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. You can’t buy or sell items as you browse through the listings.
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
Various crypto exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency using these platforms. OpenSea Leather
You can exchange the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
Each of them has the option of converting them into ETH which is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than other. Because it is based around the ETH blockchain, wallets that share this network are appropriate for this website.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only, and the function to buy cryptocurrency using a credit card. OpenSea Leather
To know more about it to learn more, check out their FAQs for an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has 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 used for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto wallet is required to use 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 percent commission fee to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea Leather
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online and receive cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs because of its zero cost of gas and low commission fees which you are required to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year of 2018. Since its system is built on a blockchain, it is safe to declare that transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned to your account or the collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure that users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will receive only up to 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared against others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is frequently used on this site and many others to accommodate 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 use to use OpenSea.
How do I pay for OpenSea? What are my 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 have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before There is an official mobile app by OpenSea for both iOS as well as Android. Download it at their respective app store and you can start exploring the collection now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can 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/).