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 web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and discover what you can do with 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 review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Tutorial Video
The purpose of OpenSea was to offer a platform/marketplace for artists to upload their commissions, without having to pay any additional charges. There are additional features that let you sell your art without too many difficulties.
In terms of the registration process, you don’t have to provide any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for most processes. It also functions on the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains it is possible to choose which one you want to publish your NFT as an seller. This will ensure the security of your NFT and the people who want to purchase it. All transactions are made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade 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 sell, but it takes time for anyone to become an established one.
There is a wide variety from the selection at OpenSea and you could join in with that! You can start your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it is. Let’s look at 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 can be an NFT. The NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. This can be an item of any rareness, such as rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you sell online. In simpler terms, you could simply think of as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You’re claiming the ownership of the particular item that you posted to market, as offering it for sale. Usually, this is recognized after you fill in the correct information about the NFT and submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and making a collection to begin! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain or payment tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to determine if OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering which kind of NFT can you shop for here and what you can also sell if you decide to go that route. The kind of NFT that you can purchase isn’t limited as there’s a variety of options for how to approach it.
You could be selling digital items, trading cards games, domain names, and also physical goods! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This 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 receive the maximum profits when you start selling because you won’t need to spend on any additional charges.
Very few NFT marketplaces have this feature, and it can be a fantastic way to receive high profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive advantages when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t have the same feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell anything as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. OpenSea Tutorial Video
You can exchange your fiat money via the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of them have the option to exchange for ETH, which is the primary cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than others. Since it is built on an ETH blockchain, wallets with a connection to the same network are suitable for this website.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage, and the function to purchase cryptocurrency using a credit card. OpenSea Tutorial Video
To learn more about it You can go through 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 comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto digital wallet must be used 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 percentage of commissions that all buyers on the marketplace. But overall, you can quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions OpenSea Tutorial Video
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs due to its low gas costs and low commission fee rate you must pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year 2018. Since the system it operates on is based on a blockchain that is secure, you can declare that transactions are safe and secure.
Additionally, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will appear to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are safe.
How can I earn royalties on OpenSea?
As an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison with other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely used on this site and many others to accommodate more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile app by OpenSea available for both iOS and Android. You can download it through their app store, and then you can begin exploring the collection now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and get notifications on updates regarding 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/).