Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto coins. Markets have popped up all over the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and let’s see what you can do with OpenSea and also see the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Listing Fees
The aim for OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional charges. There are additional features that allow you to sell your work without having to deal with many difficulties.
When it comes to registration, you won’t have to worry about giving too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It is also based using the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains available it is possible to choose which one you want to transfer your NFT to as an seller. This is to ensure the security of your NFT, along with those who wish to buy it. Every transaction will be conducted by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to an official artwork by an artist you admire. Anyone can become a seller however it takes time for anyone to become a reputable one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you can become a part of that! You can create your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but not 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 latest ways you can purchase your cryptocurrency is an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be changed. It could be a piece of rarity like mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could just think of as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you posted to market, as you’re offering it for sale. Typically, this is 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 simply making a collection to begin! Complete the correct and complete information about your NFT and select the type of settings you’d like for it (e.g., blockchain or payments tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from here on out to see if OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself the kind of NFTs can be found here and what you can sell should you decide to pursue that route. The kind of NFT it is indefinite since there’s a broad range of options for how to do it.
You could be selling trade cards, digital goods, game assets, domain names, and also physical goods! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the others. There’s no cost for gas when you utilize this feature to create and market NFTs. This simply means that you’ll get the most profit when you start selling because you don’t need to pay on any additional charges.
Not many NFT marketplaces offer this feature, and it can be a fantastic way to receive high profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive benefits by referring your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can make more money by this method.
Other NFT marketplaces do not have this feature and that’s another benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. You can’t buy or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. OpenSea Listing Fees
You can exchange your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
Each of them has the option of converting them into ETH that is the standard cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly on the ETH blockchain, wallets with a connection to the same network are suitable for this website.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency using the credit card. OpenSea Listing Fees
To learn more about it, you can check their FAQs for an overview of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea Listing Fees
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace, so you should check it out!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are protected and secured.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear to your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties when you upload the NFT. This is believed to be quite low in comparison with other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be widely used on this site as well as other sites to provide more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile application from OpenSea for both iOS as well as Android. Install it from 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 alerts on any updates that affect 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/).