The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea and also see the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Sog Using Nft
The goal of OpenSea was to provide a platform/marketplace for artists to easily upload their commissions with no additional fees. It has more functions that allow you to sell your artwork without any issues.
For registration, you don’t need to give any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It is also based on the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains that are available it is possible to choose which one you want to transfer your NFT to as seller. This ensures the safety of your NFT and those who would like to buy it. Every transaction will be conducted by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name to an official artwork from an artist that you admire. Anyone can sell, but it takes a while for anyone to be a reputable one.
There are a variety of NFTs of NFTs available on OpenSea and you could join in with the collection! You can start your own marketplace there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t exactly sure what it is. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. The NFT is a token that is non-fungible that is unique and can’t be replaced. It could be an item of any rareness, such as authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you sell on the internet. In simpler terms, you could simply consider an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You’re claiming the ownership of the particular item you uploaded on the market place, but putting it up for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and then create a collection! Fill out the proper and accurate information about your NFT and select the type of settings you want to use it with (e.g. blockchain, payments tokens). After that you are able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from here on out to see if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about the kind of NFTs be found here, and what you could also sell if you choose to go down that path. The kind of NFT that you can purchase isn’t limited because there’s a wide range of ways to do it.
You could be selling trade cards, digital goods games, domain names, and also physical goods! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the others. There are no gas costs when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t have to spend on extra fees.
Not many NFT marketplaces offer this feature, and it is great for you to receive high profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which means you can earn more money through this action.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps of OpenSea are available for both iOS in addition to Android. While you’re not able to buy or sell things, you can 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 exchange your fiat money for cryptocurrency on these platforms. Sog Using Nft
You can swap the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
All of these have the option of exchange for ETH, which is the primary crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Because it is based around an ETH blockchain, all wallets with a connection to this network are appropriate for this website.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to buy cryptocurrency using a credit card. Sog Using Nft
To learn more about it to learn more, check out their FAQs to get the steps you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% for artists (low royalties).
- It is not possible to buy or sell items through this mobile application.
- Only accepts cryptocurrency as a method of payment.
- An Crypto wallet is required for 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. However, overall, you will easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Sog Using Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to sell their works online and receive cryptocurrency as their form of payment. It’s a great platform for artists who use it to sell NFTs due to its no cost of gas and low commission fees which you are required to pay.
You can browse and shop for an array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year 2018. Because its system is built on a blockchain, it is safe to claim that your transactions are secure and safe.
In addition as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear next to your account or the collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure that users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is believed to be reasonably low compared to others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be widely used on this site and many others to accommodate more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through 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 app?
As mentioned before There is an official mobile application from OpenSea available for both iOS and Android. You can download it through their app store, and begin exploring the collection right now!
A desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive alerts on any updates that affect 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/).