Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto currency. Marketplaces are popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, 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 On Solana
The purpose for OpenSea was to simply provide an online marketplace for artists to upload commissions, without having to pay any additional fees. It also has additional functions that let you sell your work without having to deal with many issues.
In terms of 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 with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It is also based on the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains that are available, you can choose which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT as well as those who wish to purchase it. Every transaction will be conducted by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything 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 is a wide variety in the collection at OpenSea and you could join in with that! You can create your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people have heard of it but not exactly sure what it actually means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible currency that is unique and can’t be replaced. It can be an item of any rarity like 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 online. In simpler terms, you could just imagine an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming the owner of the item or token that you posted to the marketplace, and you’re offering it for sale. Usually, this is recognized once you fill out the correct information about the NFT and add it on the market.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and then creating a collection to start! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain and payments tokens). Once that’s all done, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from here on out to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself the kind of NFTs can be found here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT it isn’t limited since there’s a broad range of options for how to approach it.
It is possible to sell digital items, trading cards games domain names, also physical goods! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. There are zero gas fees when you use this feature when you mint and sell NFTs. This means you’ll be able to make the highest profits once you sell because you don’t need to pay on extra fees.
Very few NFT marketplaces have this feature, which is why this is great for you to receive high profit from your collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you earn more cash through this action.
Other NFT marketplaces don’t have this feature This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to trade your fiat currency for cryptocurrency through these platforms. OpenSea On Solana
You can convert your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
All of these have the option of converting them into ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based using an ETH blockchain, wallets that share this network are appropriate for this site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. OpenSea On Solana
To know more about it to learn more, check out their FAQs for an overview of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them 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 for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions OpenSea On Solana
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online, and to accept cryptocurrency as a method of payment. It’s an excellent option for artists who want to use it to sell NFTs because of its zero gas fees and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace, so you should go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a reliable marketplace since its inception in 2018. Since its system is built on blockchain technology, it is safe to declare that transactions are safe and secure.
In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned next to your account or any collection you uploaded to reassure any customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as numerous others to cater for many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier, there is definitely an official mobile app by OpenSea that is available for iOS or Android. Install it from their app store and begin exploring the collection right now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and 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/).