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 purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It has become one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Urbit
The goal for OpenSea was to simply provide a platform/marketplace for artists to upload their commissions, without having to pay any additional charges. It has more functions that allow you to sell your art without too many difficulties.
When it comes to the registration process, you don’t have to worry about giving any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also functions using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains that are available it is possible to choose which one you would like to publish your NFT as an seller. This will ensure the security of your NFT, along with the people who want to buy it. All transactions will be made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to official art from an artist that you admire. Anyone can sell, but it takes some time for anyone to be a reputable one.
There is a wide variety of NFTs available on OpenSea and you can become a part of that! You can start your own marketplace there, and also find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but not exactly sure what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible currency which is extremely exclusive and cannot be replaced. It could be a piece of rareness like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can simply think of an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling the owner of the item or token that you have uploaded to the marketplace, and offering it for sale. Usually, this is recognized when you have filled in the correct information about the NFT and finally 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 simply creating a collection to start! Complete the correct and accurate information about your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain and payment tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
It is possible to wait and see the way transactions are handled from here on out to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering the kind of NFTs be found here and what you can also sell if you choose to pursue that route. The kind of NFT that you can purchase isn’t limited since there’s a broad range of how you can go about it.
It is possible to sell digital products, trading cards, game assets, domain names, and even physical assets! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the other options. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you sell because you won’t have to spend on additional fees.
Not many NFT marketplaces have this feature, which is why this is great for you to earn a high return from your collection.
This Referral Program is another unique aspect of OpenSea to admire. 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 buy an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, letting you make more money through this action.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also trade your fiat currency for cryptocurrency using these platforms. OpenSea Urbit
You can swap your fiat money via the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of these have the option of converting them into ETH that is the primary crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than other. Because it is based around an ETH blockchain, wallets which are part of the same network are suitable for this site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage and the ability to purchase cryptocurrency with credit cards. OpenSea Urbit
To know more about it to learn more, check out their FAQs to see an overview of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- It is not possible to buy or sell items through the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea Urbit
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use it to sell NFTs because of its zero gas fees and low commission fee rate which you are required to pay.
You can browse and shop for a vast collection of digital products on this 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 of 2018. Since its system is built on blockchain technology 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 to your account or the collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are safe.
How do I earn royalties from OpenSea?
As an artist, you can be paid only 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site and many others to accommodate more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier there’s an official mobile app by OpenSea available for both iOS or Android. Install it from their app store, and you can start browsing through the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).