The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Rarity
The purpose of OpenSea was to provide an online marketplace for artists to upload commissions without any extra fees. There are additional features that allow you to sell your work without having to deal with many difficulties.
For registration, you don’t need to worry about giving all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It is also based on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains that are available you can pick which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller however it takes time for anyone to be an established seller.
There is a wide variety of NFTs available of NFTs available at OpenSea and you could become a part of the collection! You can start your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry the term “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t sure exactly what it means. Let’s break down what an 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. An NFT is a non-fungible currency which is extremely individual and cannot be changed. This can be an item of any rareness like rare baseball trading cards in mint condition or uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible item that you can sell online. More straightforwardly, you can simply think of an NFT as a digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the ownership of the particular item that you posted to the marketplace, and offering it for sale. Typically, this is official when you have filled in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and simply making a collection to begin! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like for it (e.g. blockchain, payments tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from now to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering the kind of NFTs be purchased here, and what you could sell should you decide to pursue that route. The type of NFT it is unlimited as there’s a variety of how you can go about it.
You could be selling digital products, trading cards game assets domain names, some physical items! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees when you use this feature when you make and then sell the NFTs. This means you’ll get the most profit when you begin selling since you won’t have to spend on extra fees.
Not many NFT marketplaces offer this feature, and it can be a fantastic way to receive high profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more cash from this act.
Other NFT marketplaces do not have the same feature This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS and Android. Although you aren’t able to purchase or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to exchange your fiat money for cryptocurrency through these platforms. OpenSea Rarity
You can exchange your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
Each of them has the option of exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than others. Because it is based on the ETH blockchain, all wallets which are part of this network are appropriate for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. OpenSea Rarity
To know more about it to learn more, check out their FAQs to get a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea Rarity
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online to receive cryptocurrency as their form of payment. It’s an excellent platform for artists using it to sell NFTs because of its zero gas costs and low commission fee rate that you have to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and 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 and is secured, it is safe to say that your transactions are safe and secure.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned on your account or collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are protected.
How can I earn royalties from OpenSea?
As an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared against other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and numerous others to cater for many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned There is an official mobile app by OpenSea for both iOS and Android. Install it from their app store and you can start exploring the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and receive 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/).