The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto coins. There are numerous marketplaces popping up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and discover what you can do with OpenSea as well as examining the NFTs that you can see!
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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Smart Contract
The aim for OpenSea was to simply provide an online marketplace for artists to upload commissions without any extra costs. There are additional features that allow you to sell your work without having to deal with many problems.
For registration, you won’t have to give all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It is also based with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains that are available it is possible to choose which one you want to upload your NFT on as seller. This ensures the safety of your NFT and those who would like to buy it. Every transaction will be conducted by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to official art by an artist you admire. Anyone can sell however it takes a while for anyone to become an established seller.
There’s a huge selection of NFTs available on OpenSea, and you can join in with this! You can set up your own personal market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “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 break down what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy is an NFT. The NFT is a non-fungible token that is unique and can’t be substituted. This can be an item of rareness, such as rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can simply imagine an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You are calling the ownership of the particular item that you posted to market, as offering it for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain and money transfer tokens). Once that’s all done 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 to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering which kind of NFT 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 isn’t limited as there’s a variety of ways to go about it.
You can be selling trade cards, digital goods, game assets, domain names, and even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the other options. There are no gas costs when you utilize this feature when you mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, and it can be a fantastic way to receive high profit from your portfolio.
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces that offer advantages by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more money by this method.
Other NFT marketplaces don’t offer the same feature and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of 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 for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. OpenSea Smart Contract
You can swap the fiat currency you have with a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option to exchange for ETH, which is the primary crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Because it is based around an ETH blockchain, all wallets that share 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: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency with credit cards. OpenSea Smart Contract
To know more about it to learn more, check out their FAQs for a rundown of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- You cannot buy or sell products 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 owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea Smart Contract
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists who use for selling NFTs due to its no gas costs and low commission fee rate you must pay.
You can shop and browse the vast array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year 2018. Because its system is built on blockchain technology and is secured, it is safe to declare that transactions are secure and safe.
Furthermore, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed next to your account or collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison to others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely used on this site and numerous others to cater for many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile app by OpenSea that is available for iOS or Android. Install it from their app store, and begin browsing through the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).