The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. Markets have popped up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to check out 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 Townstar
The goal to create OpenSea was to provide a platform/marketplace for artists to easily upload their commissions without any extra fees. There are additional features that let you sell your artwork without any issues.
When it comes to the registration process, you don’t have to worry about giving any personal information about yourself. 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 to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also operates with the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains that are available, you can choose which one you’d like to upload your NFT on as an seller. This ensures the safety of your NFT as well as the people who want to buy it. All transactions are made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist that you admire. Anyone can be a seller however, it takes some time for anyone to be an established one.
There are a variety of NFTs from the selection on OpenSea, and you can join in with that! You can set up your own personal market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can buy is an NFT. A NFT is a non-fungible currency which is extremely unique and can’t be replaced. This can be a piece of rarity like authentic baseball cards, or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item you’re selling online. It is simpler to simply consider the NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the market place, but you’re putting it up for sale. Usually, this is recognized after you fill in the proper information regarding 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 create a collection! Fill out the proper and complete information about your NFT and then select what type of settings you want to use it with (e.g. blockchain, payment tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering which kind of NFT be found here and what you can also sell if you choose to pursue that route. The kind of NFT it can be isn’t limited since there’s a broad range of ways to approach it.
It is possible to sell digital products, trading cards games, domain names, and even physical assets! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from other companies. There’s no cost for gas for using this feature to create and market NFTs. This means you’ll receive the maximum profits when you begin selling since you don’t need to pay on additional fees.
Very few NFT marketplaces have this feature, so this is a great way to make a huge profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, letting you make more money from this act.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for both iOS and Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency through these platforms. OpenSea Townstar
You can swap the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
All of them have the option of exchange for ETH which is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than other. Because it is based around an ETH blockchain, any wallets which are part of this network are appropriate for this site.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage, and the function to buy cryptocurrency using the credit card. OpenSea Townstar
For more information about the service 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 has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps for iOS or 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 industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea Townstar
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists using the platform to market NFTs due to its low gas fees and low commission fees which you are required to pay.
You can browse and shop for an array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established at the end of the year 2018. Since the system it operates on is built on a blockchain that is secure, you can claim that your transactions are secure and safe.
In addition as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear next to your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties from OpenSea?
As an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is believed to be reasonably low compared to the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is widely utilized on this website and many others to accommodate 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. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier there’s an official mobile application from OpenSea that is available for iOS or Android. Download it at their respective app store and then you can begin exploring the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and get notifications about updates to your account when you’re on the desktop.