The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Listing
The purpose to create OpenSea was to offer artists with a marketplace/platform to upload their commissions without any extra fees. It also has additional functions that let you sell your work without having to deal with many issues.
In terms of registration, you don’t need to give any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It also functions on the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains that are available you can pick which one you’d like to upload your NFT on as seller. This will ensure the security of your NFT, along with those who wish to buy it. All transactions will be made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can sell however, it takes a while for anyone to become an established one.
There are a variety of NFTs of NFTs available on OpenSea and you could also be a part of this! You can start your own marketplace on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
A recent change in 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 are familiar with it , but aren’t exactly sure what it is. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is exclusive and cannot be changed. It could be an item of rareness like mint-condition baseball trading cards, or a rare vinyl record.
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 just think of an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the owner of the item or token you uploaded on the market place, but selling it. Typically, this is official after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and simply making a collection to begin! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain, money transfer tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe 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 be found here and what kind of NFTs you can also sell if you choose to go down that path. The type of NFT it isn’t limited since there’s a broad range of options for how to approach it.
It is possible to sell digital items, trading cards game assets, domain names, and also physical goods! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from other companies. There are zero gas fees for using this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you won’t need to spend on any additional charges.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to make a huge profit from your portfolio.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available on both iOS as well as Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency using these platforms. OpenSea Listing
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option to exchange for ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built around an ETH blockchain, any wallets that share this network are appropriate for this site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. OpenSea Listing
For more information about the service to learn more, check out their FAQs to see the steps you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- You cannot buy or sell products on the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed for this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions OpenSea Listing
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to sell their works online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists using for selling NFTs due to its low gas costs and the low commission rate you must pay.
You can shop and browse the vast array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established in the year of 2018. Since its system is based on a blockchain that is secure, you can claim that your transactions are secure and safe.
Furthermore, as a seller, you can become verified once you build up your reputation. A blue checkmark will appear on your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be quite low in comparison with other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is widely used on this site and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier There is an official mobile app from OpenSea that is available for iOS as well as Android. Download it at their respective app store and begin browsing through the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and receive 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/).