The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto-coins. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s now 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, along with checking 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 overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea You Are Not The Owner Of This Collectible
The aim of OpenSea was to offer an online marketplace for artists to easily upload their commissions with no additional fees. It also has additional functions that let you sell your artwork without any 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 cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It is also based on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains, you can choose which one you want to transfer your NFT to as a seller. This will ensure the security of your NFT as well as those who would like to buy it. All transactions will be made along with this blockchain, which is why you need to 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 in exchange for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can be a seller however, it takes some time for anyone to become a reputable one.
There is a wide variety in the collection on OpenSea and you can become a part of that! You can start your own market there, and also find NFTs that you would like to purchase 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 a lot of millennials are familiar with it but not exactly sure what it actually means. Let’s look at 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 is an NFT. A NFT is a non-fungible token which is extremely individual and cannot be replaced. It could be an item of any rarity like mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing that you sell online. More straightforwardly, you can just think of as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and selling it. Usually, this is recognized when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then making a collection to begin! Fill out the proper and complete information about your NFT and then select what type of settings you’d like for it (e.g. blockchain or payments tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see how the transactions go from here on out to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering the kind of NFTs can be found here and what you can sell should you decide to go down that path. The type of NFT it isn’t limited because there’s a wide range of options for how to go about it.
You can be selling digital products, trading cards game assets, domain names, and even physical assets! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas for using this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, so this can be a fantastic way to earn a high return from your NFT collection.
The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you earn more money by this method.
Other NFT marketplaces do not have this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you to trade your fiat currency for cryptocurrency using these platforms. OpenSea You Are Not The Owner Of This Collectible
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
All of them have the option to exchange for ETH which is the primary crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than others. Because it is based on the ETH blockchain, all wallets that share that network will be suitable for the site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. OpenSea You Are Not The Owner Of This Collectible
To know more about it to learn more, check out their FAQs for a rundown of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea You Are Not The Owner Of This Collectible
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way for selling their artwork online to receive cryptocurrency as a method of payment. It’s a great platform for artists who use for selling NFTs due to its no gas costs and the low commission rate that you have to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year 2018. Since its system is based on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
In addition, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear to your account or collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared against other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as numerous others to cater for more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store, and begin exploring the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts as well as receive 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/).