The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Price
The goal of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions with no additional fees. There are additional features which allow you to market your work without having to deal with many problems.
When it comes to registration, you don’t need to give all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency to use 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 with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains you can pick which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to an official artwork by an artist you admire. Anyone can sell, but it takes some time for anyone to be an established one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you can join in with this! You can create your own personal market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around so long on the internet that many millennials are familiar with it but not exactly sure what it means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible token that is very individual and cannot be replaced. It could be an item of rarity like authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could just imagine an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming the owner of the item or token that you have uploaded to the marketplace, and you’re offering it for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then creating a collection to start! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain and money transfer tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from now to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering which kind of NFT be purchased here and what you can sell should you decide to pursue that route. The type of NFT that you can purchase is unlimited since there’s a broad range of options for how to approach it.
You could be selling digital items, trading cards, game assets domain names, also physical goods! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from the others. There’s no cost for gas when you use this feature when you create and market NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t have to spend on any additional charges.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to receive high profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer rewards by referring a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more money by this method.
Other NFT marketplaces don’t offer this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can convert your fiat money into cryptocurrency using these platforms. OpenSea Price
You can convert the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option of converting them into ETH that is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Since it is built around the ETH blockchain, all wallets which are part of the same network are suitable for this website.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage and the ability to purchase cryptocurrency using credit cards. OpenSea Price
To learn more about it You can go through their FAQs to see the steps you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- It is not possible to buy or sell items via 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 available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea Price
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists using the platform to market NFTs due to its no cost of gas and the low commission rate you must pay.
You can browse and shop for an array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded in the year of 2018. Because its system is built on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed next 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 secure.
How can I earn royalties on OpenSea?
As an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared with others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and many others to accommodate more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier there’s an official mobile app from OpenSea available for both iOS or Android. Download it at their respective app store and you can start exploring the collection now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and get 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/).