The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s see what you can do with 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 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 Pre Ipo
The goal of OpenSea was to provide artists with a marketplace/platform to upload their commissions with no additional fees. It has more functions that allow you to sell your artwork without any difficulties.
When it comes to registration, you won’t have to give too many details about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It is also based with the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains that are available you can pick which one you’d like to transfer your NFT to as a seller. This will ensure the security of your NFT, along with those who wish to purchase it. All transactions are made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller however, it takes some time for anyone to become an established seller.
There are a variety of NFTs in the collection at OpenSea, and you can also be a part of this! You can create your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but not exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can buy can be an NFT. An NFT is a non-fungible token which is extremely unique and can’t be replaced. This can be a piece of rarity like mint-condition baseball trading cards or unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible item that you sell online. More straightforwardly, you can simply imagine as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as putting it up for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and simply making a collection to begin! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain or payments tokens). Once that’s all done, you can finally upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from now to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself what kind of NFTs can be found here and what kind of NFTs you can also sell if you choose to pursue that route. The type of NFT it can be isn’t limited because there’s a wide range of how you can do it.
You could be selling digital items, trading cards games, 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 differentiates OpenSea from the others. There’s no cost for gas for using this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you don’t need to pay on extra fees.
Very few NFT marketplaces offer this feature, which is why this is a great way to receive high profit from your collection.
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer benefits by referring someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, which allows you to make more money by this method.
Other NFT marketplaces don’t offer the same feature and that’s another advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS as well as Android. While you’re not able to buy or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. OpenSea Pre Ipo
You can swap your fiat money via 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 of converting them into ETH that is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than other. Since it is built on the ETH blockchain, wallets with a connection to the same network are suitable 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 are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. OpenSea Pre Ipo
To learn more about it You can go through their FAQs to get an overview of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- You cannot buy or sell products on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions OpenSea Pre Ipo
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work 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 cost of gas and low commission fees you must pay.
You can browse and purchase an array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
Short answer: 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 a blockchain that is secure, you can claim that your transactions are secure and safe.
In addition, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear on your account or the collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared with others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. 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’s an official mobile application from OpenSea that is available for iOS as well as Android. Download it at their respective app store, and you can start browsing through the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications on updates regarding 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/).