The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto coins. Markets have popped up all over the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s explore what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to watch 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 Small Nft Balls
The goal for OpenSea was to offer an online marketplace for artists to upload their commissions without any extra charges. It also has additional functions that allow you to sell your art without too many issues.
In terms of the registration process, you don’t have to provide too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It also operates with the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains available, you can choose which one you would like to transfer your NFT to as a seller. This is to ensure the security of your NFT and those who would like to purchase 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 online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes time for anyone to be an established one.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you can join in with the collection! You can start your own market on this site, as well as find NFTs you’d like to buy 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 so long on the 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 those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible token that is individual and cannot be substituted. It could be an item of any rareness like authentic baseball cards, or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible object you’re selling online. It is simpler to simply imagine the NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to market, as you’re selling it. Usually, this becomes official once you fill out the correct information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and then making a collection to begin! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain, payments tokens). Once that’s all done then you’re able to upload it if it fits the limit of 100MB.
It is possible to wait and see how transactions progress from now on to see whether OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering the kind of NFTs you shop for here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT it can be isn’t limited because there’s a wide range of how you can approach it.
You could be selling digital items, trading cards games domain names, even physical assets! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from other companies. There are zero gas fees when you use this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t need to spend on additional fees.
Very few NFT marketplaces have this feature, which is why this is a great way to make a huge profit from your collection.
This Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more cash through this action.
Other NFT marketplaces do not have this feature and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything while you browse through the listings.
OpenSea’s mobile apps are available on both iOS as well as Android. Even though you can’t buy or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. Small Nft Balls
You can swap your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of them have the option to exchange for ETH, which is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Because it is based on the ETH blockchain, wallets with a connection to the same network are suitable for this website.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to buy cryptocurrency using credit cards. Small Nft Balls
To know more about it, you can check their FAQs for a rundown of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is open 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 sell regularly since there’s no extra charge for it.
Frequently Asked Questions Small Nft Balls
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online and receive cryptocurrency as a form of payment. It’s a great platform for artists using for selling NFTs because of its zero cost of gas and low commission fee rate you must pay.
You can browse and shop for an array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year of 2018. Because its system is based on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear to your account or any collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile app by OpenSea for both iOS and Android. You can download it through their app store, and you can start browsing through the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. In 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/).