Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Physical Art Nft
The aim of OpenSea was to offer a platform/marketplace for artists to upload commissions, without having to pay any additional fees. It also has additional functions that let you sell your work without having to deal with many issues.
For registration, you don’t need to provide too many details 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 much hassle as you step into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also operates using the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains, you can choose which one you want to upload your NFT on as seller. This ensures the safety of your NFT, along with those who wish to buy it. Every transaction will be conducted using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace 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 that you admire. Anyone can become a seller, but it takes time for anyone to become a reputable one.
There are a variety of NFTs in the collection of NFTs available at OpenSea, and you can join in with the collection! You can start your own market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible token which is extremely exclusive and cannot be substituted. It could be a piece of rarity like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you can sell on the internet. In simpler terms, you could simply imagine the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You are calling the ownership of the particular item that you posted to the marketplace, and you’re putting it up for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs by going to 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 to use it with (e.g. blockchain or payment tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from now on to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about which kind of NFT can be purchased here, and what you could also sell if you decide to pursue that route. The kind of NFT that you can purchase isn’t limited since there’s a broad range of ways to do it.
You could be selling trade cards, digital goods game assets, domain names, and also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the other options. There are zero gas fees for using this feature to create and market NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t need to spend on extra fees.
Not many NFT marketplaces have this feature, so this is a great way to earn a high return from your portfolio.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, which means you can earn more money through this action.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency on these platforms. Physical Art Nft
You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of converting them into ETH which is the primary crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly on an ETH blockchain, wallets that share the same network are suitable for this site.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency with the credit card. Physical Art Nft
To know more about it You can go through their FAQs to see a rundown of how you can get started and what other crypto wallets work with 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. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, 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 additional cost for it.
Frequently Asked Questions Physical Art Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online to receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use for selling NFTs because of its zero gas costs and the low commission rate you must pay.
You can shop and browse the vast array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a reliable marketplace since its inception at the end of the year of 2018. Since its system is built on blockchain technology that is secure, you can say that your transactions are secure and safe.
Furthermore as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison to others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and many others to accommodate many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store, and you can start exploring the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and get alerts on any updates that affect 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/).