Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. Markets have popped up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s explore what you can do with OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Which Wallet
The goal for OpenSea was to provide a platform/marketplace for artists to upload their commissions without any extra charges. It also has additional functions that allow you to sell your art without too many difficulties.
When it comes to the registration process, you don’t have to worry about giving any personal information 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 well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It also functions with the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains available you can pick which one you want to transfer your NFT to as an seller. This ensures the safety of your NFT, along with those who wish to buy it. All transactions are made by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist you admire. Anyone can be a seller, but it takes time for anyone to become an established one.
There’s a huge selection in the collection at OpenSea and you can also be a part of that! You can set up your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto industry the term “NFT” has been going around so long on the internet that the majority of young people have heard of it but aren’t sure exactly what it means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible token that is exclusive and cannot be changed. It could be an item of any rarity like authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling online. In simpler terms, you could just consider as an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You are calling ownership over that particular token/item you uploaded on the market place, but selling it. Typically, this is official when you have filled in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and creating a collection to start! Complete the correct and complete information about your NFT and select the type of settings you want to use it with (e.g., blockchain, payment tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled from now to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself what kind of NFTs be found here and what you can also sell if you choose to pursue that route. The kind of NFT that you can purchase is unlimited as there’s a variety of how you can go about it.
It is possible to sell digital items, trading cards game assets domain names, also physical goods! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from other companies. There are no gas costs when you use this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t need to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to make a huge profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are rewards when you refer your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t offer this kind of feature either This is a further benefit OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. Even though you can’t buy or sell things, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can trade your fiat currency for cryptocurrency through these platforms. OpenSea Which Wallet
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
All of these have the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built mainly around an ETH blockchain, any wallets which are part of the same network are suitable for this website.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. OpenSea Which Wallet
To learn more about it to learn more, check out their FAQs to see a rundown of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- Cannot buy or sell through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has crypto coins 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 easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea Which Wallet
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its no gas costs and low commission fee rate that you have to pay.
You can shop and browse a vast collection of digital items on the NFT marketplace and you must take a look!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year of 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are protected and secured.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned on your account or collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you will get only 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is widely used on this site and other sites to provide many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned There is an official mobile app from OpenSea for both iOS and 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 which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive alerts on any updates that affect 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/).