Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto-coins. Markets have popped up across the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea On1
The aim for OpenSea was to simply provide artists with a marketplace/platform to upload their commissions without any extra fees. It has more functions which allow you to market your art without too many problems.
For the registration process, you don’t have to give any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It is also based with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains that are available it is possible to choose which one you would like to upload your NFT on as seller. This is to ensure the security of your NFT as well as the people who want to purchase it. All transactions will be made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your NFTs or cryptocurrency 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 time for anyone to become a reputable one.
There are a variety of NFTs in the collection on OpenSea and you could become a part of this! You can set up your own personal market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto 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 are familiar with it , but aren’t sure exactly what it is. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible currency that is unique and can’t be replaced. It could be an item of rareness like authentic baseball cards, or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling on the internet. It is simpler to simply consider an NFT as a digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming the ownership of the particular item you uploaded on the market place, but offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then creating a collection to start! Fill out the proper and accurate information about your NFT and select the type of settings you want for it (e.g., blockchain, payment tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from now to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering what kind of NFTs can be found here, and what you could also sell if you decide to go that route. The type of NFT it can be is indefinite as there’s a variety of options for how to go about it.
You can be selling trade cards, digital goods game assets, domain names, and even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs when you use this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t need to spend on extra fees.
Very few NFT marketplaces offer this feature, and it can be a fantastic way to make a huge profit from your collection.
A Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, letting you earn more cash from this act.
Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available for both iOS and Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency on these platforms. OpenSea On1
You can convert the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and more!
All of them have the option to exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly on an ETH blockchain, any wallets which are part of the same network are suitable for this website.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage and the ability to purchase cryptocurrency with the credit card. OpenSea On1
To know more about it to learn more, check out their FAQs for an overview of how you can start and what other crypto wallets work 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 read about 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 up to 10% for artists (low royalty rates).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its form 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. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. 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 On1
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform for selling their artwork online to receive cryptocurrency as their form of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its no gas fees and low commission fees which you are required to pay.
You can browse and purchase an array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in the year of 2018. Because its system is based on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned next to your account or any collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared to others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been frequently used on this site and numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned, there is definitely an official mobile app from OpenSea that is available for iOS and Android. Download it at their respective app store, and you can start browsing through the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and get 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/).