The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto coins. Marketplaces are popping up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is one of them and is worth a look.
If you’re interested in crypto you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s explore what you can do with OpenSea and also see the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. 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 Solana
The purpose for OpenSea was to provide an online marketplace for artists to upload their commissions, without having to pay any additional charges. It also has additional functions that allow you to sell your work without having to deal with many issues.
In terms of registration, you won’t have to give any personal information 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 going through much hassle as you step into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It is also based using the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains, you can choose which one you’d like to publish your NFT as an seller. This will ensure the security of your NFT and those who would like to purchase it. All transactions are made by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes time for anyone to become an established seller.
There are a variety of NFTs from the selection on OpenSea, and you can become a part of this! You can start your own personal market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible token which is extremely unique and can’t be substituted. It can be a piece of rarity like authentic baseball cards, or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can just consider as an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the marketplace, and you’re putting it up for sale. Typically, this is official when you have filled in the correct information about the NFT and then 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 complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain, payments tokens). After you’ve completed the process, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from here on out to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself the kind of NFTs be found here and what you can also sell if you decide to go down that path. The type of NFT it isn’t limited because there’s a wide range of options for how to do it.
You could be selling digital products, trading cards games, domain names, and also physical goods! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the others. There are zero gas fees for using this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces provide this feature, and it is great for you to earn a high return from your collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are benefits by referring your friend 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, which means you can earn more cash by this method.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea has over them.
There is 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.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can trade your fiat currency for cryptocurrency on these platforms. OpenSea Vs Solana
You can convert the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and more!
All of these have the option of converting them into ETH which is the primary crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than other. Since it is built around an ETH blockchain, any wallets that share that network will be suitable for the site.
Here’s a list several crypto wallets you can utilize in 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, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. OpenSea Vs Solana
For more information about the service, you can check their FAQs to see a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available that are compatible with iOS and 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 industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions OpenSea Vs Solana
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to market their work online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs because of its zero cost of gas and the low commission rate that you have to pay.
You can browse and shop for an array of digital items on the NFT marketplace and you must 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, it is safe to claim that your transactions are protected and secured.
Furthermore, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will appear to your account or collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared against other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is commonly used on this site as well as other sites to provide more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using trusted platforms with 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 mentioned before There is an official mobile app from OpenSea that is available for iOS or Android. You can download it through their app store, and then you can begin exploring the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).