The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto currency. Marketplaces are popping up all over the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Get on board, and let’s explore the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you go on, 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Login
The aim for OpenSea was to offer artists with a marketplace/platform to upload commissions with no additional costs. It has more functions that allow you to sell your art without too many issues.
In terms of the registration process, you don’t have to provide all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also operates on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains, you can choose which one you’d like to upload your NFT on as an seller. This will ensure the security of your NFT as well as those who wish to purchase it. Every transaction will be conducted by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork by an artist you admire. Anyone can be a seller however, it takes some time for anyone to become an established one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you could become a part of the collection! You can start your own marketplace here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials have heard of it but not exactly sure what it is. 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. The NFT is a token that is non-fungible which is extremely unique and can’t be substituted. It could be an item of rareness like authentic baseball cards or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you sell on the internet. It is simpler to simply imagine the NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming the ownership of the particular item that you posted to the market place, but you’re offering it for sale. Typically, this is official 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 mint your NFTs. All you have to do is visit the store and creating a collection to start! Complete the correct and correct information regarding your NFT and select the type of settings you’d like for it (e.g., blockchain or payments tokens). After that then you’re able to upload it, if it’s within the limit of 100MB.
You can watch and see the way transactions are handled from now on to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about which kind of NFT you shop for here, and what you could also sell if you decide to go down that path. The type of NFT it is unlimited because there’s a wide range of options for how to go about it.
It is possible to sell digital products, trading cards, game assets domain names, even physical assets! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from other companies. There are no gas costs when you utilize this feature to create and market NFTs. This means you’ll get the most profit when you begin selling since you won’t need to spend on additional fees.
Not many NFT marketplaces provide this feature, which is why this can be a fantastic way to earn a high return from your collection.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets, you can receive advantages when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, letting you earn more cash from this act.
Other NFT marketplaces don’t offer 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 to browse the marketplace. You can’t buy or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you to convert your fiat money into cryptocurrency on these platforms. OpenSea Login
You can swap the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
Each of them has the option of exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than others. Because it is based on an ETH blockchain, wallets that share the same network are suitable for the site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage, and the function to buy cryptocurrency using credit cards. OpenSea Login
For more information about the service, you can check their FAQs for the steps you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. 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.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- Cannot buy or sell on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions OpenSea Login
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists using the platform to market NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace and you must take a look!
Is OpenSea real and safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year 2018. Since its system is based on a blockchain, it is safe to 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 the collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties after you upload the NFT. This is believed to be reasonably low compared with other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site and other sites to provide more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned there’s an official mobile application from OpenSea available for both iOS as well as Android. Download it at their respective app store, and begin exploring the collection now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive notifications about updates to 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/).