The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Offers
The goal to create OpenSea was to provide an online marketplace for artists to upload commissions with no additional fees. It also has additional functions which allow you to market your art without too many issues.
When it comes to registration, you don’t need to worry about giving too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without much hassle as you step 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 technology and is used for most processes. It also functions using the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you’d like to publish your NFT as seller. This will ensure the security of your NFT, along with the people who want to buy it. All transactions will be made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can sell, but it takes time before anyone can become a reputable one.
There are a variety of NFTs from the selection at OpenSea and you could also be a part of the collection! You can set up your own market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT” is a term that has been used in recent times “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 actually means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy can be an NFT. A NFT is a non-fungible currency that is very exclusive and cannot be substituted. This can be a piece of rareness like authentic baseball cards or rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you can sell online. It is simpler to simply consider an NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token you uploaded on the marketplace, and putting it up for sale. Typically, this is official once you fill out the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and simply making a collection to begin! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain or payment tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
You can wait and observe how transactions progress from now on to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself the kind of NFTs can be purchased here and what you can also sell if you decide to go down that path. The kind of NFT it can be is unlimited since there’s a broad range of how you can do it.
You could be selling digital products, trading cards, game assets domain names, even physical assets! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from other companies. There’s no cost for gas when you utilize this feature when you create and market NFTs. This simply means that you’ll get the most profit when you sell because you won’t need to spend on any additional charges.
Not many NFT marketplaces provide this feature, so this is great for you to make a huge profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer rewards by referring your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you earn more money from this act.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS and Android. While you’re not able to buy or sell things, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can convert your fiat money into cryptocurrency on these platforms. OpenSea Offers
You can convert the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option of converting them into ETH, which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are still more compatible with it than other. Since it is built on an ETH blockchain, all wallets which are part of that network will be suitable for this website.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. OpenSea Offers
For more information about the service You can go through 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 has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions OpenSea Offers
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online and receive cryptocurrency as a 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 fee rate that you have to pay.
You can browse and purchase an array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established in the year 2018. Since the system it operates on is built on blockchain technology that is secure, you can claim that your transactions are safe and secure.
In addition, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will appear to your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks 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 have uploaded the NFT. This is thought to be a reasonable amount compared against other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As mentioned before there’s an official mobile app by OpenSea for both iOS as well as Android. You can download it through their app store and begin browsing through the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and receive notifications about updates to 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/).