The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto coins. Markets have popped up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and let’s explore what you can do with OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSeason 3
The goal to create OpenSea was to offer an online marketplace for artists to upload their commissions with no additional costs. There are additional features that let you sell your work without having to deal with many difficulties.
In terms of the registration process, you don’t have to give any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It is also based using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains that are available you can pick which one you would like to publish your NFT as an seller. This ensures the safety of your NFT and those who would like to buy it. Every transaction will be conducted using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name, to a piece of art from an artist you admire. Anyone can sell, but it takes a while before anyone can become an established one.
There is a wide variety from the selection of NFTs available at OpenSea and you can join in with the collection! You can set up your own personal market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for 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 aren’t sure exactly what it means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. The NFT is a token that is non-fungible which is extremely individual and cannot be replaced. It could be an item of rareness like authentic baseball cards or uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can just consider an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling the ownership of the particular item you uploaded on market, as you’re selling it. Typically, this is official once you fill out the proper information regarding the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply creating a collection to start! Fill out the proper and correct information regarding your NFT and choose what kind of settings you want for it (e.g., blockchain and payment tokens). After that you are able to upload it if it fits the limit of 100MB.
You can wait and observe the way transactions are handled from now to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering what kind of NFTs be found here and what kind of NFTs you can also sell if you choose to go that route. The kind of NFT that you can purchase is indefinite as there’s a variety of options for how to go about it.
It is possible to sell trade cards, digital goods, game assets, domain names, and even physical assets! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas when you use this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you start selling because you won’t need to spend on extra fees.
Not many NFT marketplaces have this feature, and it can be a fantastic way to receive high profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer advantages 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, which allows you to earn more cash by this method.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available on both iOS and Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you, and you can exchange your fiat money for cryptocurrency on these platforms. OpenSeason 3
You can swap the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
All of these have the option of converting them into ETH, which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than others. Since it is built mainly on the ETH blockchain, wallets with a connection to that network will be suitable for this site.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. OpenSeason 3
To learn more about it, you can check their FAQs for the steps you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSeason 3
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use for selling NFTs due to its no cost of gas and the low commission rate you must pay.
You can shop and browse an array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a trusted marketplace since its inception in the year of 2018. Because its system is built on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will appear to your account or any collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is believed to be reasonably low compared to other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is frequently used on this site as well as other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before, there is definitely an official mobile app by OpenSea for both iOS as well as Android. Download it at their respective app store, and you can start exploring the collection now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. With 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/).