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 internet, designed to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
So, hop 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 overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Wiki
The purpose to create OpenSea was to provide artists with a marketplace/platform to easily upload their commissions without any extra charges. It has more functions that let you 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 easy as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It also functions using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains available you can pick which one you would like to upload your NFT on as a seller. This is to ensure the security of your NFT as well as those who would like to purchase it. All transactions will be made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can be a seller however, it takes time for anyone to become an established one.
There’s a huge selection from the selection of NFTs available at OpenSea and you could join in with this! You can create your own personal market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t sure exactly what it actually 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 buy can be an NFT. An NFT is a non-fungible currency which is extremely exclusive and cannot be replaced. This can be an item of any rarity like authentic baseball cards, or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible item you’re selling online. In simpler terms, you could simply think of an NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but you’re putting it up for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and then add it on the market.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply create a collection! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain or money transfer tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now to see if OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering which kind of NFT be purchased here and what you can sell should you decide to go that route. The kind of NFT it can be isn’t limited because there’s a wide range of ways to do it.
It is possible to sell digital items, trading cards games domain names, even physical assets! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the other options. There are zero gas fees when you utilize this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you sell because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces offer this feature, and it is a great way to make a huge profit from your portfolio.
The Referral Program is another unique aspect 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 buy an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you earn more cash from this act.
Other NFT marketplaces don’t offer this feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency on these platforms. OpenSea Wiki
You can swap your fiat money via credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of them have the option to exchange for ETH, which is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly around an ETH blockchain, all wallets that share this network are appropriate for this website.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using a credit card. OpenSea Wiki
For more information about the service to learn more, check out their FAQs to get an overview of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties 10% for artists (low royalties).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions OpenSea Wiki
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its low gas costs and low commission fees you must pay.
You can shop and browse the vast array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception in 2018. Because its system is based on a blockchain that is secure, you can say that your transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned on your account or collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison to others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for many more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile app by OpenSea for both iOS or Android. Install it from their app store, and begin exploring the collection right now!
The version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and 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/).