Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto coins. Marketplaces are popping up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Zendesk
The aim to create OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional fees. It also has additional functions that let you sell your art without too many problems.
When it comes to the registration process, you don’t have to worry about giving too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It is also based with the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains it is possible to choose which one you’d like to upload your NFT on as an seller. This ensures the safety of your NFT, along with the people who want to purchase it. Every transaction will be conducted by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist you admire. Anyone can sell however, it takes a while for anyone to become an established one.
There is a wide variety in the collection on OpenSea and you can also be a part of this! You can start your own marketplace here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it is. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token that is unique and can’t be changed. It can be a piece of rareness, such as authentic baseball cards or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object that you sell online. In simpler terms, you could simply imagine as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you posted to market, as you’re putting it up for sale. Usually, this is recognized once you fill out the correct information about the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and create a collection! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use it with (e.g., blockchain and money transfer tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from now to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself which kind of NFT can you shop for here and what you can also sell if you choose to go down that path. The kind of NFT that you can purchase isn’t limited since there’s a broad range of ways to go about it.
It is possible to sell digital products, trading cards game assets domain names, also physical goods! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the others. There are no gas costs when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces have this feature, so this can be a fantastic way to earn a high return from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, which allows you to earn more cash through this action.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell anything as you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell things, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency through these platforms. OpenSea Zendesk
You can exchange your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
All of them have the option of exchange for ETH, which is the primary crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than others. Since it is built around the ETH blockchain, wallets that share that network will be suitable for the site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency using the credit card. OpenSea Zendesk
To know more about it, you can check their FAQs to see an overview of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalties).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions OpenSea Zendesk
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to market their work online and receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its low gas fees and low commission fees that you have to pay.
You can shop and browse a vast collection of digital items on the NFT marketplace and you must go through it!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established at the end of 2018. Because its system is based on a blockchain, it is safe to say that your transactions are safe and secure.
Furthermore, as a seller, you can become verified once 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 anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are protected.
How can I earn royalties from OpenSea?
As an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison to the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely used on this site as well as many others to accommodate more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As mentioned before there’s an official mobile app by OpenSea available for both iOS and Android. Install it from 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. With the desktop application you are able to manage multiple accounts and receive notifications on updates regarding 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/).