The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto coins. Markets have popped up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s explore the possibilities of OpenSea as well as examining 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. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Selling On OpenSea
The goal for OpenSea was to provide a platform/marketplace for artists to upload commissions with no additional charges. It has more functions that allow you to sell your work without having to deal with many problems.
In terms of the registration process, you don’t have to provide all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for most processes. It is also based on 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 publish your NFT as a seller. This is to ensure the security of your NFT as well as those who would like to purchase it. Every transaction will be conducted using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade 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 that you admire. Anyone can sell however, it takes time for anyone to be an established one.
There is a wide variety from the selection on OpenSea and you could join in with this! You can start your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. An NFT is a token that is non-fungible that is very unique and can’t be changed. It could be a piece of rarity like authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could just imagine as 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 ownership over that particular token/item you uploaded on market, as you’re selling it. Usually, this becomes official after you fill in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and then creating a collection to start! Fill out the proper and accurate information about your NFT and select the type of settings you’d like to use for it (e.g. blockchain or money transfer tokens). After that you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe the way transactions are handled from now on to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself what kind of NFTs can you shop for here and what you can sell should you decide to go down that path. The kind of NFT it can be is indefinite because there’s a wide range of how you can go about it.
You could be selling digital products, trading cards games, 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 features is one of the things that differentiates OpenSea from the others. There are no gas costs for using this feature to mint and sell NFTs. This means you’ll get the most profit when you sell because you won’t have to spend 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.
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer advantages by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, letting you make more money from this act.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps of OpenSea are available on both iOS in addition to Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency using these platforms. Selling On OpenSea
You can convert 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 to exchange for ETH, which is the primary crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than other. Because it is based around the ETH blockchain, wallets which are part of the same network are suitable for the site.
Here’s a list of several 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 has its own limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency using credit cards. Selling On OpenSea
To learn more about it to learn more, check out their FAQs to see a rundown of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Selling On OpenSea
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online and receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use for selling NFTs due to its no cost of gas and low commission fee rate which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established in the year 2018. Since its system is built on a blockchain, it is safe to declare that transactions are safe and secure.
In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark is placed on your account or the collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared to others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is commonly used on this site as well as numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before, there is definitely an official mobile app by OpenSea available for both iOS and Android. You can download it through their app store and then you can begin exploring the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).