Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and discover what you can do with OpenSea, along with checking 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace R Nfts
The purpose to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions, without having to pay any additional charges. It also has additional functions which allow you to market your art without too many problems.
For the registration process, you don’t have to provide any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It is also based with the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains that are available, you can choose which one you’d like to upload your NFT on as a seller. This is to ensure the security of your NFT as well as those who wish to buy it. All transactions are made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork by an artist you admire. Anyone can sell, but it takes time for anyone to become a reputable one.
There’s a huge selection from the selection on OpenSea and you can become a part of that! You can start your own market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that many millennials are familiar with it but not exactly sure what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can buy is an NFT. The NFT is a non-fungible currency which is extremely individual and cannot be replaced. It could be a piece of rarity like rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object that you sell on the internet. It is simpler to simply think of an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token you uploaded on the market place, but you’re putting it up for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and then submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and simply creating a collection to start! Fill out the proper and complete information about your NFT and choose what kind of settings you want for it (e.g., blockchain or payment tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how the transactions go from now to see whether OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself which kind of NFT can you shop for here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT it can be is unlimited since there’s a broad range of ways to do it.
You can be selling trade cards, digital goods, game assets domain names, also physical goods! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the others. There are no gas costs when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, and it is a great way to receive high profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you earn more cash through this action.
Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. R Nfts
You can exchange your fiat currency using a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
All of these have the option of exchange for ETH that is the most common cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than other. Since it is built mainly on an ETH blockchain, wallets which are part of this network are appropriate for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage, and the function to purchase cryptocurrency with a credit card. R Nfts
To learn more about it, you can check their FAQs to see a rundown of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Available as mobile apps for iOS and Android.
- Smart contracts are used 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 of only 10% for artists (low royalty).
- It is not possible to buy or sell items via our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions R Nfts
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists using the platform to market NFTs due to its low cost of gas and the low commission rate you must pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Since its system is built on a blockchain, it is safe to declare that transactions are safe and secure.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed on your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared to other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before, there is definitely an official mobile app by OpenSea for both iOS and Android. Install it from their app store and then you can begin exploring the collection now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and get 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/).