The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s explore what you can do with 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 review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Vs Flow
The aim to create OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional costs. There are additional features that let you sell your art without too many problems.
For the registration process, you don’t have to provide too many details about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It also operates with the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains you can pick which one you would like to publish your NFT as an seller. This ensures the safety of your NFT as well as those who would like to purchase it. Every transaction will be conducted along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name, to a piece of art from an artist you admire. Anyone can become a seller however, it takes time for anyone to be a reputable one.
There’s a huge selection in the collection on OpenSea and you could also be a part of this! 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 development for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of 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 cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. The NFT is a token that is non-fungible that is very unique and can’t be replaced. It could be a piece of rareness, such as authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could just consider an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You’re claiming the ownership of the particular item that you have uploaded to the market place, but you’re putting it up for sale. Usually, this is recognized once you fill out the correct information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and simply creating a collection to start! Complete the correct and accurate information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain or payments tokens). Once that’s all done then you’re able to upload it if it fits the limit of 100MB.
It is possible to wait and see how transactions progress from now on to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself the kind of NFTs can you shop for here, and what you could also sell if you decide to go that route. The type of NFT it can be isn’t limited since there’s a broad range of how you can go about it.
You could be selling digital items, trading cards game assets, domain names, and also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees for using this feature when you create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t have to spend on extra fees.
Very few NFT marketplaces have this feature, so this can be a fantastic way to receive high profit from your collection.
A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to make more money by this method.
Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency using these platforms. OpenSea Vs Flow
You can swap your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
All of these have the option of exchange for ETH that is the primary crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built mainly on an ETH blockchain, all wallets with a connection to this network are appropriate for this website.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage, and the function to purchase cryptocurrency using a credit card. OpenSea Vs Flow
To learn more about it You can go through their FAQs to see a rundown of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its type of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions OpenSea Vs Flow
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to sell their works online and receive cryptocurrency as a form of payment. It’s a great platform for artists who use the platform to market NFTs due to its no gas costs and the low commission rate which you are required to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year 2018. Because its system is built on a blockchain that is secure, you can declare that transactions are secure and safe.
Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark will be assigned on your account or collection you uploaded to reassure 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?
However, as an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is commonly used on this site and numerous others to cater for more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile app by OpenSea available for both iOS as well as Android. Download it at their respective app store and begin exploring the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive 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/).