Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto coins. Markets have popped up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea and also see the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea With Trust Wallet
The goal for OpenSea was to provide a platform/marketplace for artists to upload commissions with no additional fees. It has more functions that let you sell your art without too many difficulties.
When it comes to registration, you don’t need to provide too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains, you can choose which one you’d like to upload your NFT on as seller. This is to ensure the security of your NFT as well as those who wish to purchase it. All transactions will be made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to an official artwork from an artist that you admire. Anyone can sell, but it takes some time for anyone to be a reputable one.
There’s a huge selection of NFTs available on OpenSea and you can join in with that! You can start your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around for so long on internet that many millennials are familiar with it but not exactly sure what it is. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible currency that is very unique and can’t be replaced. This can be a piece of rarity like mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object that you sell on the internet. In simpler terms, you could simply think of as 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. It is a way of claiming the ownership of the particular item that you posted to market, as you’re selling it. Usually, this is recognized when you have filled in all the necessary information about the NFT and add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and creating a collection to start! Complete the correct and accurate information about your NFT and choose what kind of settings you want for it (e.g., blockchain and money transfer tokens). After you’ve completed the process, you can finally upload it, if it’s within the 100 MB limit.
You can watch and see how transactions progress from here on out to see if OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself which kind of NFT you shop for here and what you can also sell if you choose to go down that path. The type of NFT it is unlimited as there’s a variety of ways to approach it.
It is possible to sell digital products, trading cards games, domain names, and some physical items! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you start selling because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, so this is great for you to make a huge profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are advantages when you refer your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency through these platforms. OpenSea With Trust Wallet
You can swap the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of them have the option to exchange for ETH, which is the standard crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based around an ETH blockchain, any wallets which are part of the same network are suitable for the site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage and the ability to purchase cryptocurrency with the credit card. OpenSea With Trust Wallet
To know more about it to learn more, check out their FAQs for a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- You cannot buy or sell products through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea With Trust Wallet
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an excellent option for artists who want to use it to sell NFTs because of its zero gas fees and the low commission rate which you are required to pay.
You can browse and purchase an array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established in the year 2018. Because its system is based on a blockchain, it is safe to claim that your transactions are safe and secure.
Furthermore as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear to your account or the collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison to others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and many others to accommodate more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using 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 application?
As we mentioned earlier There is an official mobile app by OpenSea for both iOS and Android. Install it from their app store, and you can start exploring 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 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/).