Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto-coins. Markets have popped up all over the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re interested in crypto you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s see what you can do with OpenSea and also see the NFTs that you can see!
Before you continue, you may want to check out 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 Opposite
The purpose for OpenSea was to simply provide a platform/marketplace for artists to upload commissions without any extra charges. It also has additional functions which allow you to market your work without having to deal with many difficulties.
For registration, you don’t need to give all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It is also based using the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains you can pick which one you’d like to publish your NFT as seller. This will ensure the security of your NFT, along with those who wish to buy it. All transactions are made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to official art from an artist you admire. Anyone can be a seller, but it takes some time for anyone to be an established seller.
There’s a huge selection in the collection on OpenSea and you could also be a part of this! You can set up your own market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it , but not exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible token that is very individual and cannot be changed. It can be an item of rareness like rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item you’re selling online. It is simpler to simply think of an NFT being a virtual item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the ownership of the particular 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 finally submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and then create a collection! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain or money transfer tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.
You can watch and see the way transactions are handled from now on to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself what kind of NFTs can be found here, and what you could also sell if you choose to go that route. The kind of NFT it is unlimited because there’s a wide range of options for how to go about it.
You could be selling digital products, trading cards games, domain names, and also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from the other options. There are zero gas fees when you use this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you begin selling since you don’t need to pay on any additional charges.
Not many NFT marketplaces have this feature, so this is a great way to make a huge profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive rewards when you refer your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, letting you earn more cash through this action.
Other NFT marketplaces don’t offer the same feature This is a further benefit OpenSea has over them.
There’s 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.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to 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
A variety of cryptocurrency exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency using these platforms. OpenSea Opposite
You can convert your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option of exchange for ETH, which is the primary crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built on an ETH blockchain, all wallets that share the same network are suitable for this website.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency with a credit card. OpenSea Opposite
For more information about the service, you can check their FAQs to get the steps you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea Opposite
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to sell their works online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use for selling NFTs because of its zero gas costs and the low commission rate that you have to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded in the year 2018. Since its system is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Furthermore as a seller you will be verified after you have built up your credibility. A blue checkmark is placed next to your account or collection you uploaded to reassure any customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties from OpenSea?
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 with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been widely used on this site as well as numerous others to cater for many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows 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 has a mobile or desktop application?
As mentioned before There is an official mobile application from OpenSea available for both iOS and Android. Install it from their app store, and you can start exploring the collection now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and get 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/).