The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto currency. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea To Metamask
The purpose to create OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions with no additional fees. There are additional features which allow you to market your art without too many issues.
For the registration process, you don’t have to worry about giving all of your personal details. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also functions on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains available you can pick which one you want to transfer your NFT to as a seller. This is to ensure the security of your NFT as well as those who would like to buy it. All transactions are made by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can become a seller however it takes a while for anyone to be an established seller.
There is a wide variety from the selection at OpenSea, and you can join in with the collection! You can set up your own market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market, the term “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t sure exactly what it is. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can buy is an NFT. A NFT is a non-fungible token which is extremely individual and cannot be substituted. This can be a piece of rareness like mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you sell on the internet. It is simpler to simply imagine an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling ownership over that particular token/item that you have uploaded to the marketplace, and selling it. Typically, this is official when you have filled in the proper information regarding the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and create a collection! Fill out the proper and accurate information about your NFT and then select what type of settings you want to use it with (e.g., blockchain or payment tokens). Once that’s all done, you can finally upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from now on to see if OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself the kind of NFTs be purchased here, and what you could sell should you decide to pursue that route. The kind of NFT it can be isn’t limited as there’s a variety of how you can do it.
It is possible to sell digital products, trading cards games, domain names, and even physical assets! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from other companies. There are no gas costs for using this feature to mint and sell NFTs. This means you’ll be able to make the highest profits once you sell because you won’t need to spend on any additional charges.
Very few NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your NFT collection.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the sales amount, which allows you to make more money from this act.
Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can convert your fiat money into cryptocurrency on these platforms. OpenSea To Metamask
You can exchange your fiat currency using a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
All of these have the option of exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than other. Since it is built around the ETH blockchain, wallets with a connection to that network will be suitable for this site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency with a credit card. OpenSea To Metamask
To learn more about it to learn more, check out their FAQs for the steps you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. 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 backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% for artists (low royalty).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea To Metamask
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online to receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its low gas costs and low commission fees which you are required to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year 2018. Since its system is built on a blockchain that is secure, you can declare that transactions are secure and safe.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear on 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 users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is believed to be quite low in comparison to others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before, there is definitely an official mobile app by OpenSea available for both iOS and Android. Install it from their app store and then you can begin exploring the collection now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive notifications about updates to 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/).