Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto currency. Markets have popped up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s see the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to check out 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 Zapper
The aim of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions with no additional fees. It also has additional functions that let you sell your art without too many difficulties.
For the registration process, you don’t have to give all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency to use 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 operates with the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains available you can pick which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT, along with those who wish to purchase it. Every transaction will be conducted along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can be a seller, but it takes time for anyone to become a reputable one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you could join in with that! You can set up your own market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it but not exactly sure what it 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 newest things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible token that is very unique and can’t be replaced. It could be an item of any rareness, such as rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell online. More straightforwardly, you can simply consider as 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 ownership over that particular token/item you uploaded on the market place, but you’re selling it. Usually, this becomes official once you fill out the correct information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and simply creating a collection to start! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g. blockchain, money transfer tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
You can watch and see how transactions progress from now to see whether OpenSea is the best marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering the kind of NFTs can be purchased here, and what you could also sell if you decide to go down that path. The kind of NFT that you can purchase is unlimited as there’s a variety of how you can go about it.
You can be selling trade cards, digital goods game assets domain names, even physical assets! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the other options. There’s no cost for gas for using this feature to create and market NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on any additional charges.
Not many NFT marketplaces have this feature, so this is great for you to receive high profit from your portfolio.
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits when you refer a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you make more money by this method.
Other NFT marketplaces don’t have this feature This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on both iOS as well as Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can trade your fiat currency for cryptocurrency using these platforms. OpenSea Zapper
You can swap the fiat currency you have with a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
Each of them has the option of converting them into ETH, which is the primary crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly around an ETH blockchain, any wallets that share this network are appropriate for this website.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: 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 a credit card. OpenSea Zapper
For more information about the service, 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 all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- You cannot buy or sell products on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea Zapper
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online and receive cryptocurrency as a method of payment. It’s a great platform for artists who use the platform to market NFTs because of its zero gas fees and low commission fee rate you must pay.
You can browse and purchase an array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
Answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in 2018. Since its system is built on a blockchain that is secure, you can say that your transactions are secure and safe.
In addition as a seller you can become verified once you build up your reputation. A blue checkmark is placed to your account or collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10% of the royalties once you upload the NFT. This is thought to be quite low in comparison against others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile app by OpenSea that is available for iOS or Android. You can download it through their app store, and then you can begin exploring the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts as well as receive notifications about updates to your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).