The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up across the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s see what you can do with 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea To Ledger
The purpose for OpenSea was to simply provide artists with a marketplace/platform to upload commissions, without having to pay any additional costs. It has more functions which allow you to market your art without too many problems.
For the registration process, you don’t have to worry about giving any personal information about yourself. All you have to connect your crypto 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 popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also functions using the Polygon blockchain, which ensures 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 seller. This is to ensure the security of your NFT as well as those who would like to purchase it. All transactions will be made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can sell, but it takes some time for anyone to become an established one.
There’s a huge selection in the collection on OpenSea, and you can join in with the collection! You can set up your own personal market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. A NFT is a token that is non-fungible that is very unique and can’t be changed. It could be a piece of rareness, such as mint-condition baseball trading cards, or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item that you can sell online. It is simpler to simply consider the NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You’re claiming the ownership of the particular item that you posted to market, as you’re putting it up for sale. Typically, this is official after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you want to use it with (e.g., blockchain or payment tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.
You can watch and see how the transactions go from now on to see if OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself which kind of NFT be purchased here, and what you could also sell if you choose to go down that path. The kind of NFT it can be is unlimited because there’s a wide range of options for how to approach it.
You could be selling digital items, trading cards, game assets domain names, even physical assets! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature to make and then sell the 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.
There aren’t many NFT marketplaces provide this feature, which is why this is great for you to earn a high return from your NFT collection.
A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces there are advantages by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more cash through this action.
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 for perusing through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on both iOS as well as Android. Although you aren’t able to purchase or sell things, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal to convert your fiat money into cryptocurrency on these platforms. OpenSea To Ledger
You can convert the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option of converting them into ETH, which is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than others. Since it is built using the ETH blockchain, any wallets with a connection to the same network are suitable for this site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, only mobile usage, and the function to buy cryptocurrency using credit cards. OpenSea To Ledger
To learn more about it You can go through their FAQs to get an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- It is not possible to buy or sell items via the mobile app.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions OpenSea To Ledger
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use for selling NFTs due to its low gas costs and low commission fee rate you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea is a reputable marketplace since it was established in the year 2018. Since the system it operates on is based on a blockchain that is secure, you can declare that transactions are secure and safe.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned on your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared against the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before There is an official mobile app from OpenSea for both iOS and Android. You can download it through their app store, and you can start browsing through the collection right now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and get 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/).