The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto coins. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea and also see what NFTs you can 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Selling Nft
The goal of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions without any extra fees. There are additional features which allow you to market your art without too many difficulties.
For registration, you don’t need to give too many details 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, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It also operates with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains that are available you can pick which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT and those who wish to buy it. All transactions will be made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to official art from an artist you admire. Anyone can be a seller however, it takes some time for anyone to become an established one.
There is a wide variety in the collection of NFTs available at OpenSea and you can join in with the collection! You can create your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency 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 actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy includes an NFT. An NFT is a non-fungible token that is unique and can’t be substituted. It could be an item of any rareness, such as rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you can sell on the internet. It is simpler to simply consider as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling the ownership of the particular item you uploaded on the market place, but putting it up for sale. Usually, this becomes official after you fill in the correct information about the NFT and finally add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and creating a collection to start! Fill out the proper and accurate information about your NFT and select the type of settings you’d like for it (e.g. blockchain and payment tokens). Once that’s all done then you’re able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see how the transactions go from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs be found here, and what you could sell should you decide to pursue that route. The type of NFT it isn’t limited because there’s a wide range of ways to approach it.
You can be selling digital products, trading cards games, domain names, and also physical goods! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you don’t need to pay on additional fees.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to make a huge profit from your collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more money through this action.
Other NFT marketplaces don’t offer the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through 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. Although you aren’t able to purchase or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal to exchange your fiat money for cryptocurrency through these platforms. Selling Nft
You can exchange your fiat currency using a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
Each of them has the option of exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than others. Because it is based around an ETH blockchain, wallets that share 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: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, only mobile usage, and the function to purchase cryptocurrency using a credit card. Selling Nft
To learn more about it You can go through their FAQs to see a rundown 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. You can read about its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Selling Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s a great option for artists who want to use it to sell NFTs due to its no gas fees and low commission fee rate which you are required to pay.
You can browse and purchase an array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year 2018. Since the system it operates on is built on blockchain technology that is secure, you can say that your transactions are safe and secure.
Additionally, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will be assigned next to your account or any collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before There is an official mobile app by OpenSea that is available for iOS or Android. Install it from their app store and you can start exploring the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and get 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/).