The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and let’s explore what you can do with OpenSea as well as examining the NFTs available to view!
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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Or High Sea
The purpose for OpenSea was to provide an online marketplace for artists to upload their commissions, without having to pay any additional fees. It has more functions that allow you to sell your work without having to deal with many issues.
For registration, you don’t need to worry about giving any personal information about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency that is 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 you can pick which one you would like to upload your NFT on as a seller. This is to ensure the security of your NFT, along with the people who want to buy it. Every transaction will be conducted using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to official art from an artist you admire. Anyone can become a seller however it takes time for anyone to become a reputable one.
There is a wide variety from the selection of NFTs available at OpenSea, and you can become a part of that! You can create your own market on this site, as well as find NFTs that you would like to purchase 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 many millennials are familiar with it , but aren’t exactly sure what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be replaced. This can be an item of any rareness like rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could just consider an NFT to be a type of 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 putting it up for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and then add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and simply making a collection to begin! Complete the correct and correct information regarding your NFT and select the type of settings you want to use it with (e.g., blockchain, payments tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe the way transactions are handled from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about which kind of NFT can be purchased here, and what you could also sell if you decide to pursue that route. The kind of NFT it isn’t limited since there’s a broad range of how you can approach it.
It is possible to sell digital products, trading cards, game assets, domain names, and also physical goods! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There are no gas costs when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t have to spend on additional fees.
Not many NFT marketplaces provide this feature, which is why this is a great way to make a huge profit from your collection.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, letting you make more money by this method.
Other NFT marketplaces don’t have this feature This is a further benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for both iOS in addition to Android. Even though you can’t buy or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can convert your fiat money into cryptocurrency using these platforms. OpenSea Or High Sea
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option to exchange for ETH that is the primary crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than other. Because it is based on the ETH blockchain, any wallets with a connection to this network are appropriate for the site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. OpenSea Or High Sea
To know more about it, you can check their FAQs for 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 each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees 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 Or High Sea
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to sell their works online to receive cryptocurrency as their form of payment. It’s a great platform for artists who use for selling NFTs because of its zero cost of gas and low commission fees which you are required to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace and you must go through it!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was established at the end of the year 2018. Since the system it operates on is built on blockchain technology that is secure, you can claim 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 to your account or any collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you’ll receive only up to 10% of the royalties once you have uploaded the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use 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. 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 for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store and begin exploring the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can 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/).