Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto-coins. Markets have popped up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and let’s see the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Or Foundation
The purpose to create OpenSea was to simply provide artists with a marketplace/platform to upload commissions without any extra costs. It also has additional functions that allow you to sell your work without having to deal with many issues.
For the registration process, you don’t have to provide too many details about yourself. 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 going through many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used in 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 is also based on the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains it is possible to choose which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT, along with those who would like to buy it. Every transaction will be conducted using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name, to a piece of art from an artist that you admire. Anyone can become a seller however, it takes a while before anyone can become an established one.
There are a variety of NFTs in the collection at OpenSea and you could join in with this! You can start your own market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto market, the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but not exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible currency that is very unique and can’t be changed. This can be an item of any rareness, such as authentic baseball cards or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object that you can sell on the internet. In simpler terms, you could just think of an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You are calling the owner of the item or token you uploaded on market, as putting it up for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and create a collection! Complete the correct and accurate information about your NFT and then select what type of settings you want for it (e.g. blockchain, money transfer tokens). Once that’s all done, you can finally upload it to the internet if it’s in the limit of 100MB.
You can wait and observe the way transactions are handled from here on out to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about which kind of NFT be purchased here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT that you can purchase is indefinite since there’s a broad range of ways to approach it.
You can be selling trade cards, digital goods game assets, domain names, and also physical goods! Explore what you believe can 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 others. There’s no cost for gas for using this feature when you create and market NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t need to spend on any additional charges.
Very few NFT marketplaces provide this feature, and it is great for you to earn a high return from your collection.
A Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive advantages when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50% of the sale amount, letting you earn more money through this action.
Other NFT marketplaces don’t offer this feature and that’s another benefit OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use to exchange your fiat money for cryptocurrency on these platforms. OpenSea Or Foundation
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
All of them have the option of exchange for ETH, which is the standard cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly on an ETH blockchain, any wallets which are part of this network are appropriate for the site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage, and the function to purchase cryptocurrency using a credit card. OpenSea Or Foundation
For more information about the service to learn more, check out their FAQs to get an overview of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for 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 10% to artists (low royalty rates).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used for 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 percent commission fee that all buyers on the marketplace. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea Or Foundation
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as a method of payment. It’s a great platform for artists who use for selling NFTs because of its zero gas fees and low commission fees which you are required to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year of 2018. Because its system is based on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark is placed on your account or the collection you uploaded to reassure every customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared with the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is frequently used on this site as well as many others to accommodate many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile app by OpenSea for both iOS as well as Android. Download it at their respective app store and begin browsing through the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and get alerts on any updates that affect 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/).