The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. Markets have popped up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s explore the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to check out 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 Volume
The aim for OpenSea was to simply provide artists with a marketplace/platform to upload their commissions with no additional fees. It also has additional functions that allow you to sell your art without too many issues.
For the registration process, you don’t have to give too many details about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It also functions using the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains, you can choose which one you want to transfer your NFT to as seller. This ensures the safety of your NFT, along with those who wish to purchase it. All transactions are made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can be a seller, but it takes some time for anyone to be an established one.
There are a variety of NFTs from the selection on OpenSea and you can become a part of the collection! You can start your own personal market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto 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 actually means. Let’s take a look at what 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. The NFT is a token that is non-fungible which is extremely individual and cannot be substituted. It can be an item of any rareness, such as authentic baseball cards or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible item that you can sell online. It is simpler to simply think of the 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’re claiming the ownership of the particular item that you have uploaded to market, as you’re putting it up for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and then add it on the market.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply create a collection! Fill out the proper and complete information about your NFT and choose what kind of settings you want for it (e.g. blockchain and payment tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from now on to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about what kind of NFTs be found here and what kind of NFTs you can also sell if you choose to go that route. The kind of NFT that you can purchase is unlimited since there’s a broad range of ways to do it.
You could be selling digital items, trading cards game assets domain names, some physical items! Consider what you believe will 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 other options. There are zero gas fees for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, which is why this can be a fantastic way to earn a high return from your portfolio.
The Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer advantages by referring your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more money from this act.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS as well as Android. While you’re not able to buy or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you You can also exchange your fiat money for cryptocurrency through these platforms. OpenSea Volume
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option to exchange for ETH which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than others. Since it is built on an ETH blockchain, all wallets that share that network will be suitable for the site.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to buy cryptocurrency using credit cards. OpenSea Volume
For more information about the service, you can check their FAQs for the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions OpenSea Volume
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to sell their works online and receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its low gas costs and the low commission rate you must pay.
You can browse and purchase the vast array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year of 2018. Because its system is built on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark is placed to your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties when you upload the NFT. This is believed to be quite low in comparison with other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be widely utilized on this website and numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile application from OpenSea that is available for 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 can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).