Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.
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 leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Tumblr
The purpose to create OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional costs. There are additional features which allow you to market your art without too many difficulties.
In terms of registration, you won’t have to give all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It is also based using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains, you can choose which one you’d like to publish your NFT as an seller. This will ensure the security of your NFT as well as those who wish to purchase it. All transactions will be made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can be a seller however, it takes time for anyone to be a reputable one.
There is a wide variety in the collection of NFTs available at OpenSea and you could join in with that! You can create 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 cryptocurrency 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 not exactly sure what it means. 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 purchase your cryptocurrency includes an NFT. A NFT is a token that is non-fungible that is very unique and can’t be replaced. It can be an item of rareness, such as mint-condition baseball trading cards or rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object that you sell on the internet. In simpler terms, you could simply consider the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You’re claiming ownership over that particular token/item you uploaded on the marketplace, and putting it up for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and create a collection! Fill out the proper and complete information about your NFT and select the type of settings you’d like to use for it (e.g. blockchain, payments tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
You can watch and see how the transactions go from now to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering what kind of NFTs be purchased here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT that you can purchase is indefinite because there’s a wide range of ways to approach it.
It is possible to sell digital items, trading cards, game assets, domain names, and some physical items! Find out what you think will 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 zero gas fees when you utilize this feature to create and market NFTs. This means you’ll be able to make the highest profits once you begin selling since you don’t need to pay on extra fees.
Not many NFT marketplaces offer this feature, so this is a great way to earn a high return from your collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the purchase amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency using these platforms. OpenSea Tumblr
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and other things!
Each of them has the option of exchange for ETH that is the most common cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than other. Since it is built mainly on an ETH blockchain, all wallets which are part of the same network are suitable for this site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and 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 function to purchase cryptocurrency with a credit card. OpenSea Tumblr
To know more about it to learn more, check out their FAQs to get an overview of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- Cannot buy or sell via our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea Tumblr
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s a great option for artists who want to use the platform to market NFTs because of its zero cost of gas and the low commission rate you must pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace, so you should take a look!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea is a reputable marketplace since its inception at the end of 2018. Because its system is based on a blockchain, it is safe to declare that transactions are protected and secured.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark is placed next to your account or the collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is believed to be quite low in comparison with other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been widely utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned there’s an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store and begin exploring the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and 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/).