The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto coins. Markets have popped up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board 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 watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Zed Run
The goal of OpenSea was to provide a platform/marketplace for artists to upload commissions without any extra costs. There are additional features that let you sell your art without too many difficulties.
When it comes to registration, you won’t have to give any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy 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 with the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains you can pick which one you would like to publish your NFT as an seller. This will ensure the security of your NFT and those who wish to buy it. Every transaction will be conducted using this blockchain, which is why you need to consider where to 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 purchase anything from as simple as a domain name, to a piece of art from an artist that you admire. Anyone can become a seller however it takes time for anyone to be an established seller.
There’s a huge selection from the selection at OpenSea and you can join in with this! You can create your own marketplace here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can buy is an NFT. A NFT is a non-fungible token that is very individual and cannot be replaced. This can be an item of rarity like mint-condition baseball trading cards or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could just consider the NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item that you posted to market, as putting it up for sale. Typically, this is official after you fill in the proper information regarding the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and creating a collection to start! Complete the correct and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g. blockchain or money transfer tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from now to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering which kind of NFT you shop for here and what kind of NFTs you can also sell if you decide to go down that path. The type of NFT it can be is indefinite since there’s a broad range of how you can do it.
You can be selling trade cards, digital goods game assets domain names, also physical goods! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from other companies. There are no gas costs for using this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, so this is a great way to receive high profit from your collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive benefits by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50% of the sale amount, letting you earn more cash by this method.
Other NFT marketplaces do not have this feature and that’s another benefit OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. You can’t buy or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on both iOS as well as Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. OpenSea Zed Run
You can exchange your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option of converting them into ETH, which is the primary crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based on an ETH blockchain, wallets which are part of the same network are suitable for the site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using a credit card. OpenSea Zed Run
For more information about the service, you can check their FAQs to get the steps you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available 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.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions OpenSea Zed Run
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online and receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its no gas fees and the low commission rate that you have to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and secure?
The short answer is yes! OpenSea is a reputable marketplace since its inception in 2018. Because its system is built on a blockchain that is secure, you can declare that transactions are protected and secured.
In addition as a seller you’ll be verified when you build up your reputation. A blue checkmark will be assigned on your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, 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 with the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site and other sites to provide many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned there’s 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 which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).