The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto coins. Markets have popped up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, 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 review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Testnet
The aim of OpenSea was to offer an online marketplace for artists to easily upload their commissions, without having to pay any additional charges. It has more functions that let you sell your artwork without any issues.
In terms of registration, you don’t need to worry about giving too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It is also based on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains you can pick which one you would like to upload your NFT on as seller. This is to ensure the security of your NFT and those who would like to buy it. All transactions will be made along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist you admire. Anyone can become a seller, but it takes time before anyone can become an established one.
There is a wide variety of NFTs available at OpenSea and you could join in with that! You can set up your own personal market here, along with finding NFTs you’d like to buy 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 are familiar with it , but aren’t exactly sure what it actually means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible token that is individual and cannot be replaced. It could be an item of rareness like authentic baseball cards or rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you can sell online. More straightforwardly, you can simply imagine the NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as you’re offering it for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and then creating a collection to start! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain or payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how transactions progress from now to see if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering which kind of NFT you shop for here, and what you could also sell if you decide to go that route. The kind of NFT it isn’t limited as there’s a variety of options for how to go about it.
You could be selling digital products, trading cards game assets, domain names, and also physical goods! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from other companies. There are zero gas fees when you utilize this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t have to spend on additional fees.
Not many NFT marketplaces provide this feature, and it is a great way to earn a high return from your NFT collection.
This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you earn more money by this method.
Other NFT marketplaces don’t have this feature This is a further advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency on these platforms. OpenSea Testnet
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of these have the option of exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly on the ETH blockchain, all wallets which are part of the same network are suitable for this site.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency using the credit card. OpenSea Testnet
For more information about the service to learn more, check out their FAQs to get the steps you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has 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 for iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- It is not possible to buy or sell items on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea Testnet
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an ideal option for artists who want to use the platform to market NFTs because of its zero gas costs and low commission fee rate that you have to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year 2018. Since the system it operates on is based on a blockchain, it is safe to say that your transactions are secure and safe.
Additionally as a seller you can become verified once you build up your reputation. A blue checkmark will be assigned next to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is considered to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is widely utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier there’s an official mobile app by OpenSea that is available for iOS as well as Android. Install it from their app store and begin exploring the collection now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive notifications about updates to 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/).