Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto currency. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency, 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 rapid transactions.
Now hop aboard, and let’s explore what you can do with OpenSea, along with checking 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. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Off In A Dream
The purpose for OpenSea was to provide an online marketplace for artists to easily upload their commissions, without having to pay any additional charges. It also has additional functions that let you sell your art without too many problems.
For registration, you won’t have to give any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It is also based using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains that are available you can pick which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted by using the blockchain, and you must think about where you should 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. You can purchase anything from as simple as a domain name to an official artwork from an artist that you admire. Anyone can become a seller however it takes a while for anyone to be a reputable one.
There’s a huge selection from the selection at OpenSea and you can also be a part of the collection! You can start your own marketplace here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it is. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. The NFT is a token that is non-fungible that is unique and can’t be changed. It could be a piece of rareness, such as rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could just imagine an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming the ownership of the particular item that you have uploaded to market, as you’re putting it up for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and then creating a collection to start! Input the appropriate and correct information regarding your NFT and select the type of settings you want to use it with (e.g., blockchain or money transfer tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from now on to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering the kind of NFTs you shop for here and what you can also sell if you decide to pursue that route. The kind of NFT that you can purchase is unlimited since there’s a broad range of how you can approach it.
You could be selling digital items, trading cards, game assets domain names, even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the other options. There are zero gas fees when you use this feature when you create and market NFTs. This means you’ll get the most profit when you start selling because you don’t need to pay on extra fees.
There aren’t many NFT marketplaces provide this feature, which is why this is great for you to earn a high return from your NFT collection.
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets there are rewards when you refer 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% of the sale amount, which allows you to earn more cash from this act.
Other NFT marketplaces do not have the same 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 the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency using these platforms. OpenSea Off In A Dream
You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
All of these have the option of exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built mainly using an ETH blockchain, any wallets with a connection to the same network are suitable for this site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency using a credit card. OpenSea Off In A Dream
For more information about the service, you can check their FAQs for the steps you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea Off In A Dream
What is OpenSea?
OpenSea is 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 because of its zero gas fees and the low commission rate that you have to pay.
You can shop and browse the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of 2018. Because its system is built on a blockchain, it is safe to claim that your transactions are safe and secure.
Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark is placed to your account or the collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties from OpenSea?
As an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison against others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and many others to accommodate more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As mentioned before there’s an official mobile application from OpenSea that is available for iOS as well as Android. Install it from their app store, and begin browsing through the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect 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/).