The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s see the possibilities of OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Ycombinator
The aim to create OpenSea was to offer artists with a marketplace/platform to upload commissions with no additional costs. It also has additional functions which allow you to market your work without having to deal with many difficulties.
When it comes to registration, you don’t need to give all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for most processes. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains you can pick which one you would like to transfer your NFT to as an seller. This is to ensure the security of your NFT, along with the people who want to buy it. All transactions are made using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes time for anyone to be an established seller.
There’s a huge selection from the selection on OpenSea, and you can join in with this! You can set up 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,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can buy can be an NFT. A NFT is a token that is non-fungible which is extremely individual and cannot be substituted. It can be an item of any rarity like rare baseball trading cards in mint condition or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item that you sell online. In simpler terms, you could just think of as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming ownership over that particular token/item you uploaded on the market place, but you’re selling it. Usually, this becomes official when you have filled in the proper information regarding the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and simply create a collection! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain, payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how the transactions go from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering which kind of NFT you shop for here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT that you can purchase is indefinite since there’s a broad range of options for how to do it.
You could be selling digital items, trading cards games, domain names, and also physical goods! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the other options. There are zero gas fees when you use this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t need to spend on extra fees.
Not many NFT marketplaces have this feature, so this can be a fantastic way to receive high profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, letting you earn more money by this method.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS as well as Android. Even though you can’t buy or sell something, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can convert your fiat money into cryptocurrency on these platforms. OpenSea Ycombinator
You can convert the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option to exchange for ETH which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based around the ETH blockchain, wallets which are part of that network will be suitable for this website.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage as well as the capability to buy cryptocurrency using credit cards. OpenSea Ycombinator
To know more about it, you can check their FAQs to get the steps you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items via the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea Ycombinator
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use for selling NFTs due to its low cost of gas and low commission fee rate that you have to pay.
You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in 2018. Since its system is built on blockchain technology and is secured, it is safe to declare that transactions are safe and secure.
Additionally as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned to your account or collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile app from OpenSea available for both iOS or Android. Download it at their respective app store, and you can start exploring the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts as well as 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/).