Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto coins. Marketplaces are popping up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and discover the possibilities of OpenSea as well as examining 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Private Sale
The goal of OpenSea was to provide a platform/marketplace for artists to upload commissions, without having to pay any additional costs. It has more functions which allow you to market your art without too many issues.
In terms of the registration process, you don’t have to give any personal information about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without 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 which is utilized for most processes. It also functions using the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains you can pick which one you want to publish your NFT as an seller. This will ensure the security of your NFT as well as those who wish to buy it. Every transaction will be conducted by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to official art by an artist you admire. Anyone can sell however, it takes some time before anyone can become an established one.
There’s a huge selection from the selection of NFTs available at OpenSea and you could also be a part of this! You can start 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 industry,”NFT” is a term that has been used in recent times “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 means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can buy includes an NFT. A NFT is a non-fungible token that is very unique and can’t be replaced. This can be an item of any rareness like authentic baseball cards or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you can sell on the internet. It is simpler to just consider as an NFT as a digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the owner of the item or token that you have uploaded to market, as offering it for sale. Usually, this is recognized 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 visiting the store and then create a collection! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain or payment tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from here on out to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering which kind of NFT can be found here, and what you could also sell if you choose to go that route. The type of NFT that you can purchase is indefinite as there’s a variety of ways to do it.
It is possible to sell digital products, trading cards game assets, domain names, and some physical items! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from other companies. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you sell because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, and it is a great way to earn a high return from your collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer benefits when you refer a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which allows you to earn more cash from this act.
Other NFT marketplaces do not have 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 to browse through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can convert your fiat money into cryptocurrency using these platforms. OpenSea Private Sale
You can convert your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
All of these have the option to exchange for ETH, which is the primary crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than others. Because it is based on an ETH blockchain, wallets with a connection to this network are appropriate for the site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using the credit card. OpenSea Private Sale
To learn more about it, you can check their FAQs to see an overview of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- It is not possible to buy or sell items via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions OpenSea Private Sale
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its no cost of gas and low commission fee rate which you are required to pay.
You can browse and purchase an array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year 2018. Because its system is based on a blockchain, it is safe to say that your transactions are protected and secured.
Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear next to your account or the collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site and numerous others to cater for more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile application from OpenSea for both iOS and Android. You can download it through their app store and you can start exploring the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and get notifications about updates to your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).