The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up all over the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s see the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Save Images
The aim for OpenSea was to simply provide artists with a marketplace/platform to upload their commissions, without having to pay any additional charges. It also has additional functions that allow you to sell your work without having to deal with many difficulties.
When it comes to the registration process, you don’t have to give too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for most processes. It is also based with the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains available it is possible to choose which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT, along with the people who want to buy it. Every transaction will be conducted by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art by an artist you admire. Anyone can sell, but it takes time before anyone can become an established one.
There is a wide variety in the collection at OpenSea and you can also be a part of that! You can create your own personal market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto market, the term “NFT” has been going around so long on the internet that many millennials are familiar with it but not exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible currency which is extremely exclusive and cannot be changed. It could be an item of rareness, such as authentic baseball cards or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can simply think of the NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token you uploaded on the market place, but you’re putting it up for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and simply making a collection to begin! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain and payment tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how the transactions go from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself what kind of NFTs can you shop for here, and what you could sell should you decide to go down that path. The type of NFT it can be is unlimited since there’s a broad range of options for how to go about it.
You could be selling trade cards, digital goods game assets domain names, some physical items! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the others. There are zero gas fees when you utilize this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces, you can receive 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 receive 2.50% of the sale amount, which means you can make more money by this method.
Other NFT marketplaces do not have this kind of feature either and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it is mainly 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 at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you, and you can trade your fiat currency for cryptocurrency on these platforms. OpenSea Save Images
You can swap the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
Each of them has the option to exchange for ETH, which is the primary cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built on an ETH blockchain, wallets which are part of that network will be suitable for this website.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. OpenSea Save Images
To learn more about it to learn more, check out their FAQs for a rundown of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% for artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone 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. But overall, you can quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea Save Images
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive 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 you must pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and secure?
Answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year 2018. Since the system it operates on is built on blockchain technology that is secure, you can claim that your transactions are safe and secure.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned on your account or the collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared against the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been widely utilized on this website and many others to accommodate more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea available for both iOS or Android. You can download it through their app store, and you can start browsing through the collection right now!
A desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and 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/).