Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto coins. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth a look.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s explore the possibilities of OpenSea and also see 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. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Unlock Currency
The purpose for OpenSea was to provide a platform/marketplace for artists to upload commissions with no additional costs. It has more functions that allow you to sell your art without too many issues.
For 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 on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also functions with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains that are available, 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 buy it. Every transaction will be conducted using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything 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 a while for anyone to be a reputable one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you could also be a part of this! You can set up your own personal market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy can be an NFT. The NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. It can be an item of rareness like rare baseball trading cards in mint condition or unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible object you’re selling on the internet. In simpler terms, you could just consider an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming the owner of the item or token you uploaded on market, as selling it. Usually, this becomes official when you have filled in the correct information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you want for it (e.g. blockchain, money transfer tokens). After you’ve completed the process, you can finally upload it, if it’s within the 100 MB limit.
It is possible to wait and see how the transactions go from now on to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about the kind of NFTs can be purchased here and what you can also sell if you decide to go down that path. The kind of NFT it isn’t limited as there’s a variety of ways to go about it.
You can be selling trade cards, digital goods, game assets domain names, some physical items! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from the others. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This means you’ll get the most profit when you start selling because you don’t need to pay on extra fees.
Very few NFT marketplaces have this feature, and it can be a fantastic way to earn a high return from your collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive benefits when you refer someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell anything while you scroll through the list.
The mobile apps of OpenSea are available for both iOS and Android. Even though you can’t buy or sell something, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency using these platforms. OpenSea Unlock Currency
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option to 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 nonetheless more compatible than others. Because it is based on an ETH blockchain, all wallets which are part of that network will be suitable for this site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency with the credit card. OpenSea Unlock Currency
To know more about it, you can check their FAQs to see a rundown of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has 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 and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea Unlock Currency
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to market their work online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use it to sell NFTs because of its zero cost of gas and the low commission rate that you have to pay.
You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year 2018. Because its system is based on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
Additionally, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and other sites to provide the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before, there is definitely an official mobile app from OpenSea that is available for iOS and Android. You can download it through their app store and begin exploring the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications on updates regarding 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/).