Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. Markets have popped up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Live Help
The purpose of OpenSea was to offer an online marketplace for artists to upload commissions with no additional costs. It has more functions that allow you to sell your work without having to deal with many difficulties.
In terms of registration, you won’t have to provide too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most widely-used 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 which is utilized for most processes. It also operates using the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains that are available you can pick which one you’d like to publish your NFT as an seller. This ensures the safety of your NFT, along with those who would like to buy it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to official art by an artist you admire. Anyone can sell, but it takes some time for anyone to become a reputable one.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you could become a part of that! You can set up your own personal market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market, the term “NFT” has been going around for so long on internet that a lot of millennials have heard of it but aren’t sure exactly what it is. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy can be an NFT. The NFT is a non-fungible currency that is very unique and can’t be changed. This can be an item of any rarity like rare baseball trading cards in mint condition or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can simply imagine as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming ownership over that particular token/item you uploaded on the market place, but putting it up for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and then add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and creating a collection to start! Complete the correct and accurate information about your NFT and select the type of settings you’d like to use it with (e.g., blockchain or money transfer tokens). After that 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 here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering what kind of NFTs be found here, and what you could also sell if you choose to pursue that route. The kind of NFT it is unlimited since there’s a broad range of options for how to go about it.
You could be selling digital products, trading cards game assets domain names, also physical goods! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, which is why this can be a fantastic way to earn a high return from your NFT collection.
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you make more money through this action.
Other NFT marketplaces do not have the same feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency using these platforms. OpenSea Live Help
You can exchange your fiat currency using a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of converting them into ETH which is the primary cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than others. Because it is based on an ETH blockchain, all wallets which are part of that network will be suitable for this website.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage, and the function to purchase cryptocurrency using credit cards. OpenSea Live Help
For more information about the service to learn more, check out their FAQs to see an overview of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions OpenSea Live Help
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to sell their works online and receive cryptocurrency as a form of payment. It’s a great platform for artists using the platform to market NFTs because of its zero cost of gas and the low commission rate you must pay.
You can shop and browse the vast array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year 2018. Since the system it operates on is built on a blockchain that is secure, you can claim that your transactions are protected and secured.
Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are safe.
How can I earn royalties from OpenSea?
As an artist, you can get only 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been widely utilized on this website and many others to accommodate many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier there’s an official mobile application from OpenSea that is available for iOS and Android. Install it from their app store, and then you can begin exploring the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and get notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).