Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It has become one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s explore the possibilities of OpenSea and also see the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Market
The goal for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra charges. It also has additional functions which allow you to market your art without too many issues.
When it comes to the registration process, you don’t have to provide any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It is also based with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains that are available, you can choose which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT as well as the people who want to buy it. All transactions will be made using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art by an artist you admire. Anyone can be a seller however it takes a while before anyone can become an established seller.
There are a variety of NFTs in the collection on OpenSea, and you can also be a part of this! You can start your own marketplace on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible currency that is very unique and can’t be changed. This can be an item of any rarity like authentic baseball cards or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you can sell online. It is simpler to simply think of an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. It is a way of claiming the ownership of the particular item that you posted to the marketplace, and putting it up for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and add it on the market.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then making a collection to begin! 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 that, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now on to see if OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about the kind of NFTs you shop for here and what kind of NFTs you can sell should you decide to go that route. The type of NFT it is indefinite since there’s a broad range of ways to do it.
It is possible to sell trade cards, digital goods, game assets, domain names, and even physical assets! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs when you utilize this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on any additional charges.
Not many NFT marketplaces provide this feature, which is why this is great for you to receive high profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use, and you can exchange your fiat money for cryptocurrency through these platforms. OpenSea Market
You can swap the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built using an ETH blockchain, any wallets that share that network will be suitable for the site.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only and the ability to buy cryptocurrency using credit cards. OpenSea Market
For more information about the service to learn more, check out their FAQs to see a rundown of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps for iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its type of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea Market
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online to receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use the platform to market NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception at the end of the year of 2018. Because its system is built on blockchain technology that is secure, you can claim that your transactions are secure and safe.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear on your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be quite low in comparison against other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be widely utilized on this website and many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier there’s an official mobile app from OpenSea for both iOS as well as Android. Download it at their respective app store, and begin exploring the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).