Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Get on board, and let’s explore the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Offline
The aim of OpenSea was to provide a platform/marketplace for artists to upload their commissions, without having to pay any additional charges. There are additional features which allow you to market your artwork without any difficulties.
For the registration process, you don’t have 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 simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also functions using the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains available you can pick which one you’d like to publish your NFT as seller. This ensures the safety of your NFT and the people who want to purchase it. Every transaction will be conducted along with this blockchain, which is why you need to 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 cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes time before anyone can become an established seller.
There are a variety of NFTs in the collection on OpenSea and you could become a part of that! You can start your own marketplace on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t 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 new things you can buy is an NFT. An NFT is a non-fungible currency that is individual and cannot be replaced. It can be a piece of rarity like authentic baseball cards, or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible item that you sell on the internet. More straightforwardly, you can simply imagine an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. You are calling ownership over that particular token/item that you have uploaded to the market place, but selling it. Typically, this is official after you fill in all the necessary information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and create a collection! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain or payments tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from now to see if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs be found here, and what you could sell should you decide to go that route. The type of NFT that you can purchase 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 game assets domain names, even physical assets! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the others. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This means you’ll get the most profit when you begin selling since you won’t have to spend on additional fees.
Very few NFT marketplaces have this feature, and it is great for you to receive high profit from your collection.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, letting you earn more cash by this method.
Other NFT marketplaces do not have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS and Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you to convert your fiat money into cryptocurrency through these platforms. OpenSea Offline
You can swap the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option of exchange for ETH which is the standard crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly around the ETH blockchain, all wallets with a connection to this network are appropriate for this website.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. OpenSea Offline
To know more about it You can go through their FAQs for a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are used for 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 royalty rates).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions OpenSea Offline
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to market their work online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists who use for selling NFTs due to its no gas fees and low commission fees which you are required to pay.
You can browse and shop for an array of digital items on the NFT marketplace and you must take a look!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year of 2018. Since its system is built on blockchain technology and is secured, it is safe to claim that your transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison with other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be widely utilized on this website and many others to accommodate the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before, there is definitely an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store and you can start exploring the collection now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts as well as receive notifications about updates to your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).