Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto coins. Marketplaces are popping up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace The Difference Between A Nft,Media Filled Beds & Deep Water Culture
The goal of OpenSea was to offer an online marketplace for artists to upload their commissions without any extra costs. It also has additional functions that let you sell your art without too many issues.
In terms of the registration process, you don’t have to give too many details about yourself. All you need to do is 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 popular cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also functions on the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains that are available, you can choose which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT and the people who want to buy it. All transactions are made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to official art from an artist that you admire. Anyone can become a seller however it takes a while for anyone to be an established one.
There’s a huge selection from the selection on OpenSea, and you can also be a part of this! You can start your own marketplace there, and also find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but not exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible currency which is extremely exclusive and cannot be substituted. This can be an item of any rarity like authentic baseball cards, or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could simply imagine as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the ownership of the particular item that you posted to the marketplace, and selling it. Usually, this is recognized after you fill in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and then create a collection! Fill out the proper and correct information regarding your NFT and select the type of settings you want to use it with (e.g. blockchain and money transfer tokens). After you’ve completed the process, you can finally upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT can be purchased here, and what you could sell should you decide to go that route. The kind of NFT it is unlimited since there’s a broad range of how you can go about it.
You could be selling digital products, trading cards game assets domain names, even physical assets! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature to mint and sell 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 extra fees.
Not many 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 distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can earn more money through this action.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. The Difference Between A Nft,Media Filled Beds & Deep Water Culture
You can exchange your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
All of them have the option to exchange for ETH, which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Because it is based around the ETH blockchain, wallets that share the same network are suitable for this website.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage as well as the capability to buy cryptocurrency using credit cards. The Difference Between A Nft,Media Filled Beds & Deep Water Culture
To learn more about it, you can check their FAQs to see the steps you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- You cannot buy or sell products on our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions The Difference Between A Nft,Media Filled Beds & Deep Water Culture
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online and receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its low gas costs 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 which is why you should definitely take a look!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Because its system is based on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark is placed to your account or any collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure that users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be widely utilized on this website and other sites to provide more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier There is an official mobile app from OpenSea for both iOS or Android. Install it from their app store and you can start browsing through the collection right now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and 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/).