The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. Markets have popped up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, 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 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 Reddit
The aim for OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional fees. It also has additional functions that let you sell your work without having to deal with many difficulties.
In terms of registration, you won’t have to provide 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 many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It also functions on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains that are available you can pick which one you want to upload your NFT on as an seller. This is to ensure the security of your NFT as well as those who would like to buy it. All transactions are made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can sell however, it takes some time for anyone to become a reputable one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you could become a part of this! You can set up your own marketplace on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but not exactly sure what it is. 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 that you can buy with cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is exclusive and cannot be substituted. It could be a piece of rareness, such as authentic baseball cards or rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item you’re selling on the internet. In simpler terms, you could simply imagine an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling ownership over that particular token/item you uploaded on the market place, but you’re offering it for sale. Typically, this is official once you fill out all the necessary information about the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and creating a collection to start! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use for it (e.g., blockchain, payment tokens). After that you are able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how the transactions go from now on to see if OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about the kind of NFTs can you shop for here, and what you could also sell if you decide to go that route. The type of NFT it is indefinite as there’s a variety of ways to do it.
It is possible to sell digital items, trading cards, game assets, domain names, and some physical items! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the other options. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you sell because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces provide this feature, and it is a great way to receive high profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets there are benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which allows you to earn more cash by this method.
Other NFT marketplaces don’t offer this kind of feature either This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency on these platforms. OpenSea Reddit
You can convert your fiat currency using a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option of exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built around an ETH blockchain, wallets with a connection to this network are appropriate for this website.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage, and the function to purchase cryptocurrency using the credit card. OpenSea Reddit
For more information about the service to learn more, check out their FAQs for a rundown of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea Reddit
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists using the platform to market NFTs because of its zero gas costs and the low commission rate that you have to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace and you must check it out!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Since the system it operates on is built on a blockchain that is secure, you can declare that transactions are safe and secure.
Additionally, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure that users are secure.
How do I earn royalties on OpenSea?
As an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared with the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is frequently used on this site and many others to accommodate more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on trusted platforms with 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 we mentioned earlier there’s an official mobile application from OpenSea for both iOS or Android. Download it at their respective app store and you can start exploring the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you can 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/).