Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto coins. Markets have popped up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and discover what you can do with OpenSea as well as examining the NFTs available to view!
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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Tokens
The purpose of OpenSea was to simply provide an online marketplace for artists to easily upload their commissions, without having to pay any additional charges. It has more functions that allow you to sell your artwork without any issues.
For registration, you don’t need to give any personal information about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for most processes. It also operates with the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains you can pick which one you want to publish your NFT as a seller. This ensures the safety of your NFT as well as those who wish to buy it. All transactions will be made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork by an artist you admire. Anyone can be a seller however it takes a while for anyone to be an established one.
There are a variety of NFTs in the collection at OpenSea and you can join in with this! You can start your own market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be changed. It can be an item of rareness, such as mint-condition baseball trading cards or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item that you can sell online. In simpler terms, you could simply think of an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming the ownership of the particular item you uploaded on the market place, but you’re putting it up for sale. Typically, this is official when you have filled in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and simply creating a collection to start! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like to use it with (e.g. blockchain or payments tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from now to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs can you shop for here and what kind of NFTs you can also sell if you decide to go down that path. The type of NFT that you can purchase isn’t limited because there’s a wide range of how you can go about it.
It is possible to sell digital products, trading cards game assets, domain names, and also physical goods! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from the others. There are no gas costs when you use this feature when you mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you don’t need to pay on extra fees.
Very few NFT marketplaces provide this feature, so this is great for you to receive high profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, letting you earn more money by this method.
Other NFT marketplaces don’t have the same feature and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. Even though you can’t buy or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency on these platforms. OpenSea Tokens
You can exchange your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
All of them have the option of exchange for ETH, which is the primary crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all types of crypto, wallets are still more compatible with it than other. Since it is built using an ETH blockchain, wallets with a connection to this network are appropriate for this site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency using credit cards. OpenSea Tokens
To learn more about it, you can check their FAQs to get a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, 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 Tokens
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs due to its low cost of gas and low commission fees which you are required to pay.
You can shop and browse an array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and secure?
Answer: Yes! OpenSea is a reputable marketplace since its inception at the end of 2018. Since its system is based on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark will be assigned to your account or the collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties from OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is considered to be quite low in comparison to others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be widely used on this site and numerous others to cater for many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile app from OpenSea available for both iOS as well as Android. You can download it through their app store and begin browsing through the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts as well as receive alerts on any updates that affect 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/).