Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up all over the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of 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’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and discover the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Offer Vs Bid
The goal for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra fees. It has more functions that allow you to sell your work without having to deal with many issues.
For registration, you don’t need to worry about giving too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It is also based with the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains that are available it is possible to choose which one you want to publish your NFT as a seller. This is to ensure the security of your NFT and those who wish to buy it. All transactions are made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to an official artwork by an artist you admire. Anyone can sell, but it takes a while for anyone to be an established one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you can join in with that! You can create your own market there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto industry the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. The NFT is a token that is non-fungible that is very individual and cannot be substituted. This can be an item of any rareness, such as mint-condition baseball trading cards or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible object that you sell on the internet. More straightforwardly, you can just imagine as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling ownership over that particular token/item you uploaded on the market place, but putting it up for sale. Typically, this is official after you fill in the correct information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and simply creating a collection to start! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain, money transfer tokens). After that then you’re able to upload it, if it’s within the limit of 100MB.
You can watch and see the way transactions are handled from now to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself which kind of NFT you shop for here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it can be is unlimited because there’s a wide range of options for how to do it.
You could be selling digital products, trading cards game assets domain names, also physical goods! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the others. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t have to spend on additional fees.
Not many NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your portfolio.
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces don’t have this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can convert your fiat money into cryptocurrency through these platforms. OpenSea Offer Vs Bid
You can convert your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of converting them into ETH which is the primary crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of crypto, wallets are still more compatible with it than other. Because it is based around the ETH blockchain, wallets with a connection to this network are appropriate for the site.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency using a credit card. OpenSea Offer Vs Bid
For more information about the service, you can check their FAQs to get the steps you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available for iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea Offer Vs Bid
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its low gas costs and low commission fees which you are required to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year 2018. Since its system is built on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you can receive only up to 10% of the royalties once you upload the NFT. This is considered to be reasonably low compared to others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before, there is definitely an official mobile app by OpenSea for both iOS as well as Android. Download it at their respective app store, and begin exploring the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).