The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto coins. Markets have popped up all over the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea can be one and is 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 leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and discover the possibilities of OpenSea, along with checking the NFTs available to view!
Before you continue, 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 of OpenSea.
OpenSea as an NFT Marketplace OpenSea With Ledger
The aim for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. There are additional features which allow you to market your art without too many issues.
When it comes to registration, you don’t need to worry about giving all of your personal details. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It also operates with the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains available you can pick which one you want to transfer your NFT to as a seller. This ensures the safety of your NFT, along with the people who want to purchase it. All transactions are made along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to official art by an artist you admire. Anyone can become a seller however, it takes a while before anyone can become a reputable one.
There is a wide variety in the collection of NFTs available at OpenSea and you could join in with this! You can start your own marketplace here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the crypto market, the term “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t sure exactly what it is. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible token which is extremely individual and cannot be replaced. It could be an item of rareness like authentic baseball cards or unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you sell online. In simpler terms, you could just think of an NFT to be a type of digital collectible 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 that you posted to the marketplace, and you’re offering it for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and then create a collection! Input the appropriate and correct information regarding your NFT and select the type of settings you want to use it with (e.g., blockchain or money transfer tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
It is possible to wait and see the way transactions are handled from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about the kind of NFTs be purchased here and what you can sell should you decide to pursue that route. The kind of NFT that you can purchase isn’t limited since there’s a broad range of ways to go about it.
You can be selling digital items, trading cards games, domain names, and even physical assets! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the others. There are zero gas fees when you use this feature when you create and market NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t have to spend on extra fees.
Not many NFT marketplaces provide this feature, which is why this is great for you to receive high profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll earn 2.50% of the sale amount, letting you earn more money through this action.
Other NFT marketplaces don’t have this kind of feature either and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available on both iOS and Android. While you’re not able to buy or sell things, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use, and you can convert your fiat money into cryptocurrency on these platforms. OpenSea With Ledger
You can swap your fiat currency using a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option of converting them into ETH, which is the most common crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than other. Since it is built around an ETH blockchain, any wallets with a connection to that network will be suitable for this website.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only, and the function to buy cryptocurrency using a credit card. OpenSea With Ledger
For more information about the service to learn more, check out their FAQs to see a rundown of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions OpenSea With Ledger
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform for selling their artwork online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use for selling NFTs due to its no gas costs and low commission fees that you have to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace and you must check it out!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was founded in 2018. Since its system is based on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
Furthermore, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned to your account or the collection you uploaded to reassure any customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is thought to be a reasonable amount compared to others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been widely utilized on this website and many others to accommodate the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea for both iOS and Android. Install it from their app store and you can start browsing through the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and receive notifications about updates to 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/).