The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea and also see 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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSearch Vs Opendistro
The purpose to create OpenSea was to offer a platform/marketplace for artists to upload their commissions without any extra charges. It has more functions that allow you to sell your work without having to deal with many issues.
For the registration process, you don’t have to worry about giving too many details about yourself. All you need to do is connect your cryptocurrency 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 popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains that are available, you can choose which one you would like to upload your NFT on as an seller. This is to ensure the security of your NFT as well as those who would like to buy it. All transactions are made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist that you admire. Anyone can be a seller however, it takes some time for anyone to become a reputable one.
There are a variety of NFTs from the selection at OpenSea, and you can also be a part of this! You can start your own market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but not exactly sure what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible token that is very exclusive and cannot be substituted. It can be a piece of rareness like mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you can sell online. In simpler terms, you could simply think of as an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the marketplace, and you’re putting it up for sale. Usually, this is recognized 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 create a collection! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain and money transfer tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now on to determine if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering which kind of NFT can you shop for here, and what you could sell should you decide to go down that path. The type of NFT it is unlimited since there’s a broad range of how you can do it.
It is possible to sell trade cards, digital goods games, domain names, and even physical assets! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the others. There’s no cost for gas when you use this feature when you mint and sell NFTs. This means you’ll be able to make the highest profits once you start selling because you don’t need to pay on additional fees.
Very few NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your portfolio.
The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more cash from this act.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency on these platforms. OpenSearch Vs Opendistro
You can convert your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
All of these have the option of converting them into ETH which is the standard crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built on the ETH blockchain, any wallets that share the same network are suitable for this website.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage as well as the capability to buy cryptocurrency using credit cards. OpenSearch Vs Opendistro
To know more about it, you can check their FAQs to see an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a type of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSearch Vs Opendistro
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online to receive cryptocurrency as their form of payment. It’s a great platform for artists who use it to sell NFTs due to its low gas fees and low commission fees that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year of 2018. Since the system it operates on is built on a blockchain, it is safe to claim that your transactions are safe and secure.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark will be assigned next to your account or collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared to others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is frequently 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.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile app by OpenSea that is available for iOS and Android. You can download it through their app store, and you can start exploring the collection now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and receive alerts on any updates that affect your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).