The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up all over the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and let’s see what you can do with 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Matic
The aim of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional charges. It also has additional functions that allow you to sell your art without too many difficulties.
In terms of the registration process, you don’t have to give any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It is also based on the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains that are available, you can choose which one you would like to upload your NFT on as seller. This will ensure the security of your NFT and those who wish to purchase it. All transactions will be made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can sell, but it takes time before anyone can become a reputable one.
There are a variety of NFTs of NFTs available at OpenSea, and you can join in with the collection! You can set up your own personal market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry the term “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but not exactly sure what it means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible currency which is extremely unique and can’t be changed. This can be an item of any rareness, such as rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you sell online. More straightforwardly, you can simply imagine the NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You are calling ownership over that particular token/item that you have uploaded to market, as offering it for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and then create a collection! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain, payment tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how the transactions go from now on to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about the kind of NFTs can be found here and what you can also sell if you decide to go that route. The kind of NFT it can be is indefinite because there’s a wide range of options for how to do it.
You could be selling trade cards, digital goods, game assets domain names, even physical assets! Consider what you believe will reap the best 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’s no cost for gas for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t have to spend on any additional charges.
Very few NFT marketplaces offer this feature, and it can be a fantastic way to make a huge profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, letting you make more money from this act.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. While you’re not able to buy or sell something, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. OpenSea Matic
You can swap your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
Each of them has the option to exchange for ETH that is the most common cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than other. Because it is based on the ETH blockchain, all wallets that share that network will be suitable for this website.
Here’s 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 wallet has its own restrictions including simple registration, mobile-only usage and the ability to purchase cryptocurrency with the credit card. OpenSea Matic
For more information about the service to learn more, check out their FAQs to see an overview of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items through the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea Matic
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed 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 who use it to sell NFTs due to its no cost of gas and the low commission rate you must pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace and you must go through it!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year of 2018. Since its system is built on blockchain technology, it is safe to declare that transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark is placed on your account or any collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared to others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is commonly used on this site and many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before, there is definitely an official mobile app by OpenSea that is available for iOS or Android. Download it at their respective app store, and then you can begin exploring the collection now!
A version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).