The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is among them and is worth checking out.
If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s see what you can do with OpenSea and also see what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Questions
The goal to create OpenSea was to provide an online marketplace for artists to upload their commissions with no additional costs. It also has additional functions that let you sell your work without having to deal with many problems.
In terms of the registration process, you don’t have to provide too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for most processes. It also operates on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains available it is possible to choose which one you would like to publish your NFT as seller. This is to ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can sell however it takes a while for anyone to become an established one.
There is a wide variety from the selection of NFTs available at OpenSea, and you can join in with the collection! You can set up your own personal market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials 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 latest ways you can buy can be an NFT. The NFT is a non-fungible token that is exclusive and cannot be substituted. It can be a piece of rareness like authentic baseball cards, or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could just consider the NFT being a virtual item paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. It is a way of claiming ownership over that particular token/item that you posted to market, as putting it up for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and then create a collection! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain or money transfer tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how the transactions go from now to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about which kind of NFT you shop for here and what you can also sell if you choose to go down that path. The type of NFT it can be is unlimited because there’s a wide range of ways to approach it.
You could be selling digital products, trading cards games domain names, also physical goods! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the other options. There are no gas costs when you use this feature when you create and market NFTs. This means you’ll receive the maximum profits when you sell because you won’t need to spend on extra fees.
Not many NFT marketplaces provide this feature, and it is a great way to earn a high return from your portfolio.
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, letting you earn more cash from this act.
Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you to trade your fiat currency for cryptocurrency through these platforms. OpenSea Questions
You can swap your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and more!
Each of them has the option to exchange for ETH that is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than other. Since it is built on an ETH blockchain, all wallets which are part of the same network are suitable for this website.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage, and the function to purchase cryptocurrency with the credit card. OpenSea Questions
For more information about the service to learn more, check out their FAQs for the steps you can start 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 an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has 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. However, overall, you will easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions OpenSea Questions
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists using it to sell NFTs due to its low cost of gas and the low commission rate you must pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace and you must check it out!
Is OpenSea legit & secure?
The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of the year of 2018. Since its system is built on blockchain technology and is secured, it is safe to say that your transactions are safe and secure.
Additionally, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will be assigned to your account or collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are protected.
How can I earn royalties from OpenSea?
As an artist, you will receive only up to 10% of the royalties once you upload the NFT. This is thought to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be widely utilized on this website and numerous others to cater for many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile app from OpenSea for both iOS or Android. Download it at their respective app store and then you can begin exploring the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).