The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth a look.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea and also see the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Rinkeby
The aim for OpenSea was to provide an online marketplace for artists to upload their commissions, without having to pay any additional costs. There are additional features that let you sell your art without too many issues.
For registration, you don’t need to provide too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency used 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 for most processes. It also operates with the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you’d like to upload your NFT on as an seller. This will ensure the security of your NFT as well as those who would like to buy it. Every transaction will be conducted by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to official art by an artist you admire. Anyone can be a seller however it takes a while for anyone to be an established one.
There is a wide variety of NFTs available on OpenSea, and you can join in with the collection! You can set up your own marketplace on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto 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 aren’t exactly sure what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy can be an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be substituted. It could be an item of any rarity like authentic baseball cards, or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could just consider as an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token you uploaded on the marketplace, and you’re offering it for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and create a collection! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain or money transfer tokens). After that then you’re able to upload it, if it’s within the limit of 100MB.
You can wait and observe the way transactions are handled from now to see whether 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 be found here and what you can also sell if you choose to go that route. The type of NFT it is unlimited since there’s a broad range of options for how to do it.
You can be selling digital items, trading cards game assets domain names, some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the others. There’s no cost for gas when you use this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you start selling because you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, which is why this is a great way to make a huge profit from your collection.
This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces there are rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell something, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency on these platforms. OpenSea Rinkeby
You can exchange your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option to exchange for ETH which is the standard crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than others. Since it is built mainly using the ETH blockchain, all wallets which are part of that network will be suitable for the site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using a credit card. OpenSea Rinkeby
To know more about it to learn more, check out their FAQs to see the steps you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea Rinkeby
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online and receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its low cost of gas and low commission fee rate that you have to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year of 2018. Since the system it operates on is based on a blockchain, it is safe to declare that transactions are secure and safe.
Additionally, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will appear next to your account or collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are secure.
How can I earn royalties from OpenSea?
As an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be frequently 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 use for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned There is an official mobile application from OpenSea that is available for iOS or Android. Install it from their app store and then you can begin browsing through the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. In 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/).