The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto-coins. Markets have popped up across the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Zunks
The aim to create OpenSea was to offer an online marketplace for artists to easily upload their commissions without any extra costs. It also has additional functions that let you sell your work without having to deal with many problems.
When it comes to registration, you don’t need to give all of your personal details. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It is also based on the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you would like to publish your NFT as an seller. This ensures the safety of your NFT as well as those who wish to buy it. All transactions will be made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes time for anyone to be a reputable one.
There’s a huge selection of NFTs available on OpenSea, and you can become a part of that! You can start your own market on this site, as well as find NFTs that you would like to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t sure exactly what it is. 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 includes an NFT. A NFT is a non-fungible token that is unique and can’t be substituted. It could be a piece of rareness, such as mint-condition baseball trading cards or unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible object that you can sell online. More straightforwardly, you can just think of an NFT as a digital collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling dibs to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to market, as putting it up for sale. Usually, this is recognized once you fill out the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and simply creating a collection to start! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like for it (e.g. blockchain or payment tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
You can watch and see how transactions progress from here on out to see whether OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT can you shop for here and what you can sell should you decide to go that route. The type of NFT it is indefinite since there’s a broad range of ways to do it.
You could be selling digital items, trading cards game assets, domain names, and even physical assets! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the other options. There are zero gas fees when you use this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you don’t need to pay on extra fees.
Not many NFT marketplaces provide this feature, which is why this is a great way to make a huge profit from your collection.
Referral Program
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you earn more money from this act.
Other NFT marketplaces don’t offer the same feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. You can’t buy or sell items as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use, and you can convert your fiat money into cryptocurrency on these platforms. OpenSea Zunks
You can convert your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
Each of them has the option of exchange for ETH that is the most common crypto payment in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than others. Since it is built using the ETH blockchain, all wallets which are part of that network will be suitable for this website.
Here is a list of several crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. OpenSea Zunks
To learn more about it to learn more, check out their FAQs to see the steps you can begin and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
Pros
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
Cons
- Allows royalties of only up to 10% for artists (low royalty).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required for this marketplace.
Pricing
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions OpenSea Zunks
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists using the platform to market NFTs due to its no gas fees and low commission fee rate you must 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 legitimate and safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception at the end of 2018. Since the system it operates on is based on a blockchain that is secure, you can declare that transactions are secure and safe.
Furthermore, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed on your account or the collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison with the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is commonly used on this site and numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can make use of for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier There is an official mobile app by OpenSea that is available for iOS or Android. Download it at their respective app store, and begin browsing through the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and get 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/).
