The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto coins. Marketplaces are popping up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and discover what you can do with OpenSea as well as examining 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. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Weth
The purpose to create OpenSea was to offer artists with a marketplace/platform to upload their commissions, without having to pay any additional charges. It has more functions which allow you to market your artwork without any difficulties.
When it comes to registration, you don’t need to give any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for most processes. It also operates with the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains available it is possible to choose which one you would like to transfer your NFT to as seller. This is to ensure the security of your NFT, along with those who would like to purchase it. All transactions are made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to official art from an artist that you admire. Anyone can become a seller, but it takes some time for anyone to become an established seller.
There are a variety of NFTs from the selection at OpenSea, and you can also be a part of that! You can set up your own marketplace there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto market, the term “NFT” has been going around so long on the internet that a lot of 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 that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible token that is unique and can’t be replaced. It could be a piece of rarity like authentic baseball cards, or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling online. More straightforwardly, you can simply imagine an NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the ownership of the particular item you uploaded on the market place, but selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and then submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and simply create a collection! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain or payments tokens). After that, you can finally upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from here on out to see if OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself the kind of NFTs can be found here, and what you could also sell if you decide to go that route. The kind of NFT it is unlimited because there’s a wide range of how you can do it.
You can be selling digital items, trading cards, game assets, domain names, and also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the other options. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This means you’ll get the most profit when you begin selling since you don’t need to pay on additional fees.
Very few NFT marketplaces have this feature, which is why this can be a fantastic way to earn a high return from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, letting you make more money through this action.
Other NFT marketplaces don’t have this kind of feature either and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still explore the products 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 Weth
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
Each of them has the option of exchange for ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built mainly on the ETH blockchain, all wallets which are part of that network will be suitable for the site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency with a credit card. OpenSea Weth
For more information about the service You can go through their FAQs for the steps you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is open to everyone 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. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea Weth
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use the platform to market NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded in the year 2018. Since its system is based on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or the collection you uploaded to reassure every customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site and numerous others to cater for many more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before There is an official mobile application from OpenSea for both iOS or Android. Download it at their respective app store and 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 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/).