Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto coins. Markets have popped up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and discover the possibilities of OpenSea and also see the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Number Of Users
The purpose for OpenSea was to simply provide an online marketplace for artists to easily upload their commissions without any extra charges. It also has additional functions that let you sell your artwork without any problems.
For registration, you don’t need to worry about giving all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also functions using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains it is possible to choose which one you’d like to upload your NFT on as a seller. This will ensure the security of your NFT and those who wish to purchase it. All transactions will be made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name, to a piece of art by an artist you admire. Anyone can sell however it takes time for anyone to be a reputable one.
There’s a huge selection from the selection of NFTs available at OpenSea, and you can become a part of the collection! You can start your own personal market on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but not exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible currency that is very unique and can’t be replaced. This can be an item of rarity like rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can simply imagine the NFT as a digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling the owner of the item or token that you have uploaded to the marketplace, and putting it up for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and simply making a collection to begin! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use it with (e.g. blockchain or money transfer 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 the transactions go from here on out to see whether OpenSea is the marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about which kind of NFT be purchased here and what you can sell should you decide to go down that path. The type of NFT it can be isn’t limited because there’s a wide range of options for how to go about it.
It is possible to sell trade cards, digital goods games, domain names, and even physical assets! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from other companies. There are zero gas fees when you use 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 offer this feature, and it 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. Like traditional online marketplaces there are benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more money from this act.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for both iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. OpenSea Number Of Users
You can convert your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Because it is based on an ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency with credit cards. OpenSea Number Of Users
To know more about it to learn more, check out their FAQs to get an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- It is not possible to buy or sell items via the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, 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 are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea Number Of Users
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its low cost of gas and low commission fees that you have to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception in 2018. Because its system is built on a blockchain that is secure, you can declare that transactions are protected and secured.
Additionally, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will appear on your account or collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison to others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using trusted platforms with 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 and Android. Download it at their respective app store and then you can begin exploring the collection now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and receive notifications on updates regarding 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/).