The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea and also see 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 overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Marketplace
The aim to create OpenSea was to simply provide a platform/marketplace for artists to upload their commissions with no additional charges. There are additional features that let you sell your art without too many difficulties.
For registration, you won’t have to worry about giving too many details about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used within 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 using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains available you can pick which one you want to transfer your NFT to as a seller. This is to ensure the security of your NFT and those who wish to purchase it. All transactions are made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist that you admire. Anyone can be a seller however it takes time before anyone can become an established seller.
There are a variety of NFTs of NFTs available at OpenSea and you could also be a part of that! You can create your own personal market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t exactly sure what it actually means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. An NFT is a token that is non-fungible that is very individual and cannot be changed. It can be an item of rarity like rare baseball trading cards in mint condition or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you can sell online. More straightforwardly, you can just imagine the NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You are calling ownership over that particular token/item you uploaded on the marketplace, and offering it for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and making a collection to begin! Complete the correct and correct information regarding your NFT and choose what kind of settings you want for it (e.g. blockchain and payment tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself which kind of NFT be purchased here and what you can sell should you decide to go that route. The type of NFT it can be isn’t limited since there’s a broad range of options for how to do it.
You can be selling trade cards, digital goods, game assets domain names, some physical items! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the other options. There’s no cost for gas when you use this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you don’t need to pay on extra fees.
Not many NFT marketplaces have this feature, so this can be a fantastic way to make a huge profit from your collection.
The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which means you can earn more cash by this method.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. While you’re not able to buy or sell anything, you can still look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency through these platforms. OpenSea Marketplace
You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option of converting them into ETH, which is the standard cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than others. Because it is based on the ETH blockchain, all wallets which are part of that network will be suitable for the site.
Here’s a list of various crypto wallets that you can use 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, only mobile usage as well as the capability to buy cryptocurrency using the credit card. OpenSea Marketplace
To know more about it to learn more, check out their FAQs for the steps you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions OpenSea Marketplace
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to market their work online to receive cryptocurrency as a method of payment. It’s an ideal platform for artists using for selling NFTs because of its zero gas fees and low commission fee rate which you are required to pay.
You can browse and shop for an array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Because its system is based on a blockchain, it is safe to say that your transactions are secure and safe.
In addition as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned to your account or the collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison to the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is frequently 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 core 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 buy and sell cryptocurrency through secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As mentioned before, there is definitely an official mobile app from OpenSea for both iOS and Android. Install it from their app store, and then you can begin browsing through the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and receive 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/).