Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto coins. Markets have popped up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and discover 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Veefriends
The purpose to create OpenSea was to provide artists with a marketplace/platform to easily upload their commissions without any extra costs. There are additional features which allow you to market your artwork without any issues.
In terms of the registration process, you don’t have to give any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It is also based on the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains 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 as well as the people who want to buy it. Every transaction will be conducted using this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist that you admire. Anyone can be a seller however it takes a while before anyone can become an established one.
There are a variety of NFTs of NFTs available on OpenSea and you could also be a part of this! You can start your own personal market here, along with finding NFTs that you would like to purchase 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 internet that many millennials are familiar with it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for any beginners in 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 individual and cannot be changed. It could be an item of any rarity like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object you’re selling online. It is simpler to just consider as an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token that you have uploaded to the market place, but putting it up for sale. Usually, this becomes official after you fill in all the necessary information about 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 create a collection! Complete the correct and correct information regarding your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain or payments tokens). After that you are able to upload it if it fits the 100 MB limit.
You can watch and see how transactions progress from here on out to determine if OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself which kind of NFT can you shop for here, and what you could sell should you decide to go that route. The kind of NFT it can be is unlimited because there’s a wide range of options for how to do it.
You could be selling trade cards, digital goods games domain names, some physical items! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from other companies. There are no gas costs when you use this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, which is why this is a great way to receive high profit from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, letting you make more money through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available for both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you to exchange your fiat money for cryptocurrency using these platforms. OpenSea Veefriends
You can convert your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
All of these have the option of converting them into ETH which is the standard cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly around an ETH blockchain, all wallets that share this network are appropriate for the site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency with credit cards. OpenSea Veefriends
To know more about it to learn more, check out their FAQs to see the steps you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% for artists (low royalty).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea Veefriends
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists using the platform to market NFTs due to its no gas fees and low commission fee rate which you are required to pay.
You can shop and browse an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in 2018. Because its system is built on blockchain technology and is secured, it is safe to say that your transactions are secure and safe.
Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed on your account or the collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is commonly used on this site as well as numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned, there is definitely an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store, and then you can begin exploring the collection now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).