The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
So, hop on board and discover what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Maps
The goal of OpenSea was to provide an online marketplace for artists to upload commissions without any extra charges. There are additional features that let you sell your work without having to deal with many issues.
In terms of registration, you don’t need to give all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It is also based using the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains available, you can choose which one you’d like to transfer your NFT to as an seller. This is to ensure the security of your NFT and those who wish to purchase it. All transactions will be made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to official art from an artist that you admire. Anyone can sell however, it takes time for anyone to be an established seller.
There’s a huge selection of NFTs available on OpenSea and you can also be a part of this! You can create your own marketplace on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto market,”NFT” is a term that has been used in recent times “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 take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible token which is extremely exclusive and cannot be substituted. It can be a piece of rareness, such as mint-condition baseball trading cards or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you can sell on the internet. It is simpler to just think of as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. You’re claiming the owner of the item or token that you have uploaded to market, as offering it for sale. Typically, this is official after you fill in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and then creating a collection to start! Fill out the proper and correct information regarding your NFT and then select what type of settings you want for it (e.g. blockchain, payments tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.
You can watch and see how transactions progress from now on to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs be purchased here, and what you could sell should you decide to go down that path. The type of NFT it can be is indefinite as there’s a variety of ways to go about it.
You could be selling digital products, trading cards games, domain names, and even physical assets! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from other companies. There are no gas costs for using this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, which is why this can be a fantastic way to earn a high return from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can earn more money by this method.
Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also trade your fiat currency for cryptocurrency using these platforms. OpenSea Maps
You can exchange your fiat currency using a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option to exchange for ETH, which is the primary cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Because it is based on the ETH blockchain, any wallets that share this network are appropriate for this site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency with the credit card. OpenSea Maps
For more information about the service You can go through their FAQs for the steps you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are selling, 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 sell regularly since there is no additional fee for it.
Frequently Asked Questions OpenSea Maps
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists using for selling NFTs due to its no cost of gas and low commission fee rate that you have to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace and you must check it out!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed on your account or any collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are protected.
How do I earn royalties from OpenSea?
As an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be quite low in comparison to other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as numerous others to cater for more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy 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 exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned, there is definitely an official mobile application from OpenSea that is available for iOS and Android. Install it from their app store and begin browsing through the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and get 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/).