Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto-coins. Markets have popped up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Rarible Vs OpenSea Vs Foundation
The purpose to create OpenSea was to simply provide an online marketplace for artists to easily upload their commissions with no additional charges. It has more functions which allow you to market your work without having to deal with many issues.
When it comes to registration, you don’t need to worry about giving 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 simple as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains available you can pick which one you’d like to publish your NFT as a seller. This is to ensure the security of your NFT and 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 like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist you admire. Anyone can sell however it takes some time before anyone can become an established one.
There’s a huge selection in the collection at OpenSea, and you can become a part of the collection! You can start your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible token which is extremely unique and can’t be substituted. This can be an item of rarity like mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing you’re selling on the internet. It is simpler to just imagine as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token that you have uploaded to market, as you’re offering it for sale. Usually, this becomes official once you fill out the correct information about the NFT and submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and creating a collection to start! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use it with (e.g. blockchain and money transfer tokens). Once that’s all done then you’re able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how transactions progress from now to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself which kind of NFT be found here and what kind of NFTs you can also sell if you choose to go that route. The kind of NFT it is unlimited as there’s a variety of options for how to go about it.
It is possible to sell digital items, trading cards games, domain names, and even physical assets! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the other options. There are zero gas fees when you use this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t have to spend on additional fees.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to earn a high return from your portfolio.
A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer rewards by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t offer the same feature This is a further benefit 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 scroll through the list.
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 something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency through these platforms. Rarible Vs OpenSea Vs Foundation
You can exchange your fiat currency using a the credit card, or 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 most common crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly on an ETH blockchain, wallets with a connection to the same network are suitable 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 are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to buy cryptocurrency using a credit card. Rarible Vs OpenSea Vs Foundation
To learn more about it, you can check their FAQs to see an overview of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized 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 royalties).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions Rarible Vs OpenSea Vs Foundation
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use for selling NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year 2018. Since its system is built on a blockchain, it is safe to claim that your transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark is placed to your account or any collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be quite low in comparison against the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been widely used on this site and many others to accommodate more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS as well as Android. Install it from their app store, and begin browsing through the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts and 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/).