The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea as well as examining what NFTs you can view!
Before you continue, 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 of OpenSea.
OpenSea as an NFT Marketplace Rari Nft
The aim to create OpenSea was to simply provide an online marketplace for artists to upload their commissions without any extra costs. It has more functions that allow you to sell your work without having to deal with many difficulties.
In terms of registration, you don’t need to provide all of your personal details. All you need to do is connect your crypto 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 that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for the majority of transactions. It is also based using the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains available it is possible to choose which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT as well as the people who want to purchase it. All transactions will be made along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless 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 before anyone can become a reputable one.
There is a wide variety in the collection at OpenSea and you can become a part of this! You can start your own market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it is. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can buy can be an NFT. A NFT is a non-fungible token that is individual and cannot be changed. It can be an item of rareness, such as authentic baseball cards or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you can sell online. More straightforwardly, you can just consider an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming the owner of the item or token that you have uploaded to market, as you’re putting it up for sale. Typically, this is official when you have filled in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and simply making a collection to begin! Fill out the proper and complete information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain, payments tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from now on to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about which kind of NFT can you shop for here and what you can also sell if you choose to go down that path. The kind of NFT that you can purchase isn’t limited since there’s a broad range of how you can do it.
You could be selling digital products, trading cards, game assets, domain names, and even physical assets! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from the others. There are zero gas fees for using this feature when you make and then sell the NFTs. This means you’ll get the most profit when you start selling because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, and it is great for you to receive high profit from your collection.
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces that offer advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, letting you earn more money through this action.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use to trade your fiat currency for cryptocurrency on these platforms. Rari Nft
You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
All of them have the option of converting them into ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly around an ETH blockchain, wallets which are part of this network are appropriate for this site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage and the ability to buy cryptocurrency using credit cards. Rari Nft
To learn more about it to learn more, check out their FAQs for the steps you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- Cannot buy or sell through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, 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 extra charge for it.
Frequently Asked Questions Rari Nft
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 method of payment. It’s a great platform for artists using it to sell NFTs because of its zero gas costs and the low commission rate that you have to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of 2018. Since the system it operates on is built on a blockchain that is secure, you can claim that your transactions are protected and secured.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed next to your account or the collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is considered to be a reasonable amount compared against the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely utilized on this website and other sites to provide the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier There is an official mobile app by OpenSea for both iOS or Android. Download it at their respective app store and then you can begin exploring the collection right now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive 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/).