Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up all over the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea as well as examining 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Quotes
The aim for OpenSea was to offer an online marketplace for artists to easily upload their commissions with no additional costs. There are additional features that allow you to sell your art without too many problems.
In terms of the registration process, you don’t have to worry about giving all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains available, you can choose which one you want to publish your NFT as seller. This ensures the safety of your NFT, along with the people who want to buy it. All transactions are made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to official art from an artist that you admire. Anyone can be a seller however, it takes time for anyone to become an established seller.
There is a wide variety from the selection at OpenSea, and you can join in with that! You can set up your own market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency 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 are familiar with it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency that is unique and can’t be replaced. It could be an item of any rareness, such as authentic baseball cards, or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can just think of the NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the market place, but you’re offering it for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and simply making a collection to begin! Fill out the proper and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain and payment tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from here on out to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself the kind of NFTs can you shop for here, and what you could also sell if you choose to pursue that route. The kind of NFT that you can purchase isn’t limited because there’s a wide range of options for how to do it.
You can be selling digital products, trading cards games, domain names, and also physical goods! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the other options. There are zero gas fees when you utilize this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on extra fees.
Very few NFT marketplaces provide this feature, which is why this can be a fantastic way to earn a high return from your portfolio.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more money by this method.
Other NFT marketplaces don’t have this kind of feature either This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available for both iOS and Android. Even though you can’t buy or sell something, 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 for you to use, and you can convert your fiat money into cryptocurrency through these platforms. OpenSea Quotes
You can convert your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
All of them have the option of converting them into ETH which is the standard crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than others. Because it is based around the ETH blockchain, any wallets that share the same network are suitable for this site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only, and the function to buy cryptocurrency using the credit card. OpenSea Quotes
To know more about it You can go through their FAQs for the steps you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% for artists (low royalties).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions OpenSea Quotes
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use it to sell NFTs because of its zero gas fees and low commission fee rate which you are required to pay.
You can shop and browse an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in 2018. Since its system is built on blockchain technology, it is safe to claim that your transactions are safe and secure.
Furthermore as a seller you will be verified after you build up your reputation. A blue checkmark will be assigned to your account or the collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is commonly used on this site and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before There is an official mobile app from OpenSea for both iOS as well as Android. Download it at their respective app store and begin exploring the collection now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).