The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto-coins. Markets have popped up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s explore what you can do with OpenSea and also see the NFTs that you can see!
Before you continue, 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 Represents An Auction On An Nft
The goal to create OpenSea was to offer an online marketplace for artists to upload their commissions without any extra charges. It has more functions that allow you to sell your artwork without any issues.
In terms of the registration process, you don’t have to provide any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also operates on 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 want to publish your NFT as an seller. This ensures the safety of your NFT, along with those who wish to buy it. Every transaction will be conducted along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in 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 be a seller, but it takes some time for anyone to be a reputable one.
There is a wide variety of NFTs available at OpenSea, and you can also be a part of the collection! You can create your own marketplace on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t exactly sure what it is. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. It can be an item of rarity like authentic baseball cards or uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can simply think of an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling ownership over that particular token/item you uploaded on the marketplace, and you’re putting it up for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and creating a collection to start! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain and payment tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from here on out to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about the kind of NFTs be purchased here and what you can sell should you decide to go down that path. The type of NFT it can be isn’t limited since there’s a broad range of how you can do it.
You could be selling digital items, trading cards, game assets, domain names, and some physical items! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from the others. There are no gas costs when you utilize this feature when you create and market NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t need to spend on additional fees.
Very few NFT marketplaces offer this feature, and it can be a fantastic way to earn a high return from your collection.
The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are advantages when you refer someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more money through this action.
Other NFT marketplaces don’t offer this 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 for perusing through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. While you’re not able to buy or sell things, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal You can also trade your fiat currency for cryptocurrency on these platforms. Represents An Auction On An Nft
You can exchange your fiat currency using a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
All of them have the option of exchange for ETH that is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built using an ETH blockchain, any wallets which are part of this network are appropriate for this website.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only, and the function to purchase cryptocurrency with credit cards. Represents An Auction On An Nft
To know more about it, you can check their FAQs for a rundown of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% to artists (low royalties).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Represents An Auction On An Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online and receive cryptocurrency as their form of payment. It’s a great platform for artists using the platform to market NFTs because of its zero cost of gas and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace and you must take a look!
Is OpenSea real and secure?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year 2018. Since the system it operates on is built on a blockchain, it is safe to claim that your transactions are protected and secured.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed on your account or any collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be quite low in comparison against other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be widely used on this site and numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before There is an official mobile app from OpenSea available for both iOS or Android. You can download it through their app store and then you can begin exploring the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).