The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto-coins. Markets have popped up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s explore 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. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Rankings
The aim of OpenSea was to simply provide an online marketplace for artists to easily upload their commissions with no additional charges. It also has additional functions that let you sell your artwork without any problems.
For the registration process, you don’t have to provide too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also functions with the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains that are available you can pick which one you’d like to upload your NFT on as a seller. This ensures the safety of your NFT as well as the people who want to buy it. All transactions are made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can become a seller however, it takes some time for anyone to be an established one.
There are a variety of NFTs in the collection at OpenSea, and you can join in with that! You can start your own personal market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials have heard of it but not exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible currency that is very exclusive and cannot be substituted. This can be an item of any rareness like authentic baseball cards, or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling online. It is simpler to simply consider as an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the marketplace, and you’re offering it for sale. Typically, this is official when you have filled in 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 making a collection to begin! Input the appropriate and accurate information about your NFT and then select what type of settings you want to use it with (e.g., blockchain or payments tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe the way transactions are handled from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself the kind of NFTs be purchased here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT that you can purchase isn’t limited as there’s a variety of options for how to approach it.
You can be selling trade cards, digital goods, game assets domain names, even physical assets! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from other companies. There’s no cost for gas for using this feature to make and then sell the NFTs. This means you’ll get the most profit when you begin selling since you don’t need to pay on any additional charges.
Not many NFT marketplaces offer this feature, so this is great for you to receive high profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer rewards when you refer your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. While you’re not able to buy or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency using these platforms. OpenSea Rankings
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, which is the primary cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly using an ETH blockchain, wallets with a connection to the same network are suitable for this website.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using a credit card. OpenSea Rankings
For more information about the service to learn more, check out their FAQs to get the steps you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea Rankings
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists using it to sell NFTs due to its no cost of gas and low commission fees that you have to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace and you must go through it!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded in 2018. Because its system is based on a blockchain that is secure, you can say that your transactions are secure and safe.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear to your account or collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison to others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been widely used on this site as well as many others to accommodate many more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile app by OpenSea that is available for iOS and Android. You can download it through their app store and then you can begin browsing through the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive alerts on any updates that affect 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/).