The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto, you’ve probably heard of OpenSea previously for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea and also see what NFTs you can view!
Before you go on, you may want to watch 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.
OpenSea as an NFT Marketplace OpenSea Winter Bears
The aim for OpenSea was to offer an online marketplace for artists to upload commissions with no additional costs. It has more functions that allow you to sell your work without having to deal with many issues.
In terms of registration, you don’t need to worry about giving all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It is also based with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains that are available you can pick which one you would like to upload your NFT on as seller. This is to ensure the security of your NFT, along with those who would like to purchase it. All transactions will be made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist you admire. Anyone can be a seller however, it takes some time before anyone can become a reputable one.
There’s a huge selection in the collection at OpenSea, and you can join in with this! 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 cryptocurrency industry, the term “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy includes an NFT. The NFT is a non-fungible currency that is individual and cannot be changed. It could be an item of any rareness, such as mint-condition baseball trading cards or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can just imagine as an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You’re claiming the owner of the item or token that you have uploaded to market, as offering it for sale. Typically, this is official when you have filled in all the necessary information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and create a collection! Input the appropriate and correct information regarding your NFT and choose what kind of settings you want for it (e.g., blockchain and money transfer tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how the transactions go from now to determine if OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about what kind of NFTs be found here, and what you could also sell if you decide to go down that path. The type of NFT it can be is indefinite because there’s a wide range of options for how to go about it.
You could be selling digital products, trading cards, game assets domain names, some physical items! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, so this can be a fantastic 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 rewards by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can earn more cash from this act.
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’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available for both iOS and Android. Even though you can’t buy or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency on these platforms. OpenSea Winter Bears
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option of converting them into ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than other. Because it is based using the ETH blockchain, all wallets which are part of this network are appropriate for the site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency with credit cards. OpenSea Winter Bears
For more information about the service You can go through their FAQs to get an overview of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS or 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 10% for artists (low royalties).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed to access 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 percentage of commissions for all sellers on the platform. In the end, you’ll easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions OpenSea Winter Bears
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online to receive cryptocurrency as a form of payment. It’s a great platform for artists who use for selling NFTs due to its no gas fees and low commission fees which you are required to pay.
You can shop and browse a vast collection of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of 2018. Since its system is built on a blockchain, it is safe to declare that transactions are safe and secure.
In addition as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed to your account or collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure that users are protected.
How do I earn royalties on OpenSea?
As an artist, you can get only 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile app from OpenSea available for both iOS and Android. You can download it through their app store and you can start exploring the collection now!
The desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive alerts on any updates that affect 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/).