Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto you’ve likely heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and discover the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Vs Rarible Vs Mintable
The goal to create OpenSea was to offer artists with a marketplace/platform to upload commissions without any extra charges. There are additional features which allow you to market your art without too many difficulties.
In terms of registration, you don’t need to provide too many details about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also functions using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains available it is possible to choose which one you would like to transfer your NFT to as seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions will be made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes a while for anyone to be an established one.
There’s a huge selection in the collection at OpenSea, and you can become a part of that! You can create 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,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with it but aren’t exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy can be an NFT. An NFT is a non-fungible token which is extremely individual and cannot be substituted. This can be a piece of rareness, such as rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you can sell online. More straightforwardly, you can simply imagine the NFT being a virtual item paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling the owner of the item or token that you posted to market, as offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and then creating a collection to start! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like for it (e.g. blockchain or payments tokens). After you’ve completed the process, you can finally upload it if it fits the 100 MB limit.
You can watch and see how transactions progress from now on to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about which kind of NFT can be found here and what you can also sell if you choose to go that route. The kind of NFT it is indefinite as there’s a variety of ways to do it.
It is possible to sell digital items, trading cards game assets, domain names, and even physical assets! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the others. There are no gas costs when you use this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive 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, which means you can earn more money through this action.
Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. You can’t buy or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS as well as Android. While you’re not able to buy or sell things, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency through these platforms. OpenSea Vs Rarible Vs Mintable
You can swap your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option to exchange for ETH which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than others. Because it is based around the ETH blockchain, wallets with a connection to that network will be suitable for this website.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only, and the function to buy cryptocurrency using credit cards. OpenSea Vs Rarible Vs Mintable
To learn more about it, you can check their FAQs to get a rundown of how you can get started and 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. You can view its pros and pros here:
- Available as mobile apps 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 market and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions OpenSea Vs Rarible Vs Mintable
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs because of its zero gas fees and low commission fee rate you must pay.
You can shop and browse a vast collection of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was founded at the end of the year 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are protected and secured.
In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned to your account or the collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is thought to be quite low in comparison to the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier there’s an official mobile application from OpenSea that is available for iOS as well as Android. You can download it through their app store, and then you can begin browsing through the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and get notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).