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 across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s see what you can do with 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 overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Qubits
The purpose to create OpenSea was to simply provide a platform/marketplace for artists to upload commissions, without having to pay any additional charges. It has more functions that allow you to sell your art without too many issues.
When it comes to registration, you won’t have to provide all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions using the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you want to publish your NFT as an seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions are made 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 marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist that you admire. Anyone can be a seller however, it takes some time for anyone to become a reputable one.
There are a variety of NFTs from the selection on OpenSea and you could join in with the collection! You can set up your own personal market on this site, as well as find NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto market,”NFT” is a term that has been used in recent times “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 take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can buy can be an NFT. A NFT is a non-fungible token that is individual and cannot be substituted. It could be an item of any rarity like rare baseball trading cards in mint condition, 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 online. In simpler terms, you could just think of an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs to your NFTs. It is a way of claiming the owner of the item or token that you have uploaded to market, as you’re selling it. Typically, this is official after you fill in the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and simply create a collection! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain and payment tokens). After that then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from now on to see if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
So, at this point you’re probably thinking about the kind of NFTs be found here, and what you could also sell if you decide to pursue that route. The kind of NFT it isn’t limited since there’s a broad range of how you can do it.
You could be selling digital products, trading cards games domain names, some physical items! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the other options. There are zero gas fees for using this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you don’t need to pay on extra fees.
Very few NFT marketplaces offer this feature, which is why this is great for you to earn a high return from your collection.
Referral Program
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive rewards by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to make more money through this action.
Other NFT marketplaces do not have the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available for both iOS as well as Android. While you’re not able to buy or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use to convert your fiat money into cryptocurrency on these platforms. OpenSea Qubits
You can exchange your fiat currency using a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
All of these have the option of exchange for ETH, which is the most common crypto payment in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built using the ETH blockchain, wallets that share this network are appropriate for this website.
Here’s a list different crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage, and the function to buy cryptocurrency using a credit card. OpenSea Qubits
For more information about the service, you can check their FAQs to get the steps you can get started and which other wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
Pros
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
Cons
- Allows royalty rates of 10% for artists (low royalties).
- You cannot buy or sell products via the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used to access this marketplace.
Pricing
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea Qubits
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use for selling NFTs due to its low cost of gas and low commission fees you must 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 safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in 2018. Since its system is built on a blockchain, it is safe to declare that transactions are secure and safe.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned next to your account or the collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How do 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 believed to be quite low in comparison against others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile application from OpenSea available for both iOS and Android. Install it from their app store and begin browsing through the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to 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/).
