The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto currency. Markets have popped up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Get on board, and discover the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, 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 of OpenSea.
OpenSea as an NFT Marketplace OpenSea Or Superrare
The goal to create OpenSea was to simply provide artists with a marketplace/platform to upload their commissions with no additional charges. It has more functions that allow you to sell your artwork without any issues.
When it comes to registration, you don’t need to give all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for most processes. It also functions with the Polygon blockchain, which allows for lower costs and faster 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 a seller. This is to ensure the security of your NFT, along with the people who want to buy it. All transactions will be made using this blockchain, which is why you need to think about where to 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 in exchange for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can sell however, it takes a while for anyone to become an established one.
There is a wide variety in the collection on OpenSea and you could also be a part of that! You can create your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto market”NFT,” a popular term in the crypto industry “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 is. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy can be an NFT. An NFT is a non-fungible currency which is extremely unique and can’t be replaced. It could be an item of any rarity like rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you sell online. In simpler terms, you could simply consider an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to market, as offering it for sale. Usually, this is recognized 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 by visiting the store and then create a collection! Complete the correct and complete information about your NFT and choose what kind of settings you want for it (e.g. blockchain or payment tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how the transactions go from now on to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering the kind of NFTs you shop for here and what you can sell should you decide to go that route. The type of NFT that you can purchase is unlimited since there’s a broad range of ways to approach it.
It is possible to sell trade cards, digital goods games domain names, also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from other companies. There are zero gas fees when you use this feature to create and market NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t have to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, which is why this is a great way to earn a high return from your collection.
This Referral Program is another distinctive feature of OpenSea to admire. 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 there you’ll earn 2.50 percent of the purchase amount, which means you can earn more money through this action.
Other NFT marketplaces don’t offer the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on both iOS in addition to Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency using these platforms. OpenSea Or Superrare
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of exchange for ETH which is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based using an ETH blockchain, all wallets which are part of the same network are suitable for the site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with credit cards. OpenSea Or Superrare
For more information about the service to learn more, check out their FAQs to get a rundown of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- Cannot buy or sell on this mobile application.
- Only accepts cryptocurrency as a 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 a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea Or Superrare
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its low gas fees and low commission fees that you have to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in 2018. Because its system is built on blockchain technology and is secured, it is safe to claim that your transactions are secure and safe.
Additionally as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or any collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is considered to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for many more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile app from OpenSea for both iOS and Android. Download it at their respective app store, and you can start exploring the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).