The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto-coins. Marketplaces are popping up all over the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and discover what you can do with OpenSea, along with checking 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 review. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Polkamon
The purpose for OpenSea was to provide a platform/marketplace for artists to upload their commissions without any extra costs. It also has additional functions that allow you to sell your work without having to deal with many problems.
In terms of the registration process, you don’t have to provide any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for most processes. It is also based using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains that are available, you can choose which one you’d like to publish your NFT as an seller. This ensures the safety of your NFT and those who would like to purchase it. Every transaction will be conducted by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes time for anyone to become a reputable one.
There’s a huge selection in the collection of NFTs available at OpenSea, and you can become a part of this! You can set up your own personal market here, along with finding NFTs that you would like to purchase for 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 internet that the majority of young people have heard of it but not exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy can be an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. It can be an item of rareness like authentic baseball cards or unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can simply imagine as an NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling ownership over that particular token/item that you have uploaded to the marketplace, and selling it. Usually, this becomes official after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and then creating a collection to start! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use it with (e.g. blockchain, payment tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
You can watch and see how transactions progress from here on out to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering which kind of NFT be purchased here and what you can sell should you decide to go that route. The kind of NFT that you can purchase is unlimited since there’s a broad range of ways to approach it.
You can be selling digital products, trading cards, game assets, domain names, and even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the other options. There’s no cost for gas when you use this feature when you create and market NFTs. This means you’ll receive the maximum profits when you start selling because you won’t need to spend on additional fees.
Not many NFT marketplaces have this feature, so this is a great way to earn a high return from your NFT collection.
The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer benefits when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps of OpenSea are available on both iOS and Android. Even though you can’t buy or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency on these platforms. OpenSea Polkamon
You can convert the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
Each of them has the option to exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of crypto, wallets are still more compatible with it than others. Because it is based using an ETH blockchain, any wallets that share this network are appropriate for this site.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage and the ability to buy cryptocurrency using the credit card. OpenSea Polkamon
To know more about it to learn more, check out their FAQs for an overview of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with 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 available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- Cannot buy or sell on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, 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 sell regularly since there is no additional fee for it.
Frequently Asked Questions OpenSea Polkamon
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists using the platform to market NFTs due to its no cost of gas and low commission fee rate you must pay.
You can shop and browse an array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception in the year 2018. Because its system is built on a blockchain that is secure, you can say that your transactions are safe and secure.
In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear on your account or any collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely used on this site and many others to accommodate more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before, there is definitely an official mobile app from OpenSea for both iOS and Android. Download it at their respective app store and begin exploring the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to 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/).