Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and let’s explore the possibilities of OpenSea and also see the NFTs that you can see!
Before you continue, you may want to check out 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 Verification
The goal to create OpenSea was to simply provide artists with a marketplace/platform to upload commissions with no additional fees. It also has additional functions that let you sell your art without too many issues.
When it comes to registration, you don’t need to worry about giving any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system 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 kinds of blockchains available, you can choose which one you want to transfer your NFT to as a seller. This is to ensure the security of your NFT and those who wish to purchase it. All transactions are made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to an official artwork by an artist you admire. Anyone can be a seller however it takes a while before anyone can become a reputable one.
There’s a huge selection from the selection on OpenSea and you can become a part of the collection! You can start your own market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t exactly sure 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 newest things you can buy includes an NFT. A NFT is a non-fungible token that is very individual and cannot be substituted. It can be a piece of rarity like authentic baseball cards, or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible item you’re selling on the internet. In simpler terms, you could just consider an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You are calling the owner of the item or token that you have uploaded to market, as offering it for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and create a collection! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain or money transfer tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how the transactions go from now on to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering the kind of NFTs can be found here, and what you could also sell if you decide to pursue that route. The kind of NFT it can be is unlimited since there’s a broad range of options for how to approach it.
You could be selling trade cards, digital goods game assets domain names, some physical items! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There’s no cost for gas for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you sell because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, so this can be a fantastic way to receive high profit from your collection.
A Referral Program is another distinctive feature of OpenSea to take note of. 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 purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you make more money by this method.
Other NFT marketplaces don’t have this feature, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on both iOS as well as Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also exchange your fiat money for cryptocurrency through these platforms. OpenSea Verification
You can convert your fiat currency using a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
All of them have the option to exchange for ETH which is the standard crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built using an ETH blockchain, wallets which are part of this network are appropriate for this site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with the credit card. OpenSea Verification
To learn more about it You can go through their FAQs to get an overview of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS or 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 world and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed for 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. However, overall, you will quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea Verification
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to sell their works online and receive 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 which you are required to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in 2018. Because its system is built on a blockchain that is secure, you can say that your transactions are protected and secured.
In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you can get only 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared with the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be widely utilized on this website and other sites to provide more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier, there is definitely an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store and you can start browsing through the collection right now!
A version for desktops that OpenSea can be downloaded via 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/).