Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto currency. There are numerous marketplaces popping up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s see what you can do with OpenSea and also see 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea With Matic
The goal for OpenSea was to simply provide artists with a marketplace/platform to upload their commissions without any extra fees. There are additional features that allow you to sell your art without too many difficulties.
In terms of the registration process, you don’t have to provide any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It also functions using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains that are available it is possible to choose which one you’d like to publish your NFT as seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions are made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to an official artwork by an artist you admire. Anyone can become a seller however, it takes a while for anyone to become a reputable one.
There are a variety of NFTs from the selection at OpenSea and you could also be a part of that! You can start your own marketplace on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto market”NFT” is a term that has been used in recent times “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 is. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency that is very individual and cannot be changed. This can be an item of any rarity like authentic baseball cards or uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could simply consider an NFT as a digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You’re claiming the ownership of the particular item you uploaded on market, as putting it up for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and making a collection to begin! 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 payment tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from now to see if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering the kind of NFTs be found here, and what you could also sell if you choose to pursue that route. The type of NFT that you can purchase is indefinite as there’s a variety of ways to do it.
It is possible to sell digital items, trading cards games, domain names, and some physical items! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the others. There are no gas costs for using this feature to create and market NFTs. This simply means that you’ll get the most profit when you sell because you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, which is why this can be a fantastic way to earn a high return from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use You can also convert your fiat money into cryptocurrency on these platforms. OpenSea With Matic
You can exchange your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
Each of them has the option to exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built on the ETH blockchain, any wallets with a connection to the same network are suitable for this site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage and the ability to purchase cryptocurrency using the credit card. OpenSea With Matic
For more information about the service, you can check their FAQs to get 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 has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions OpenSea With Matic
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero gas costs and low commission fees that you have to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year 2018. Since the system it operates on is based on a blockchain, it is safe to say that your transactions are secure and safe.
Additionally as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned next to your account or collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared to the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be widely used on this site as well as numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As mentioned before there’s an official mobile application from OpenSea for both iOS or Android. Install it from their app store, and then you can begin browsing through the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and get notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).