The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Top Nft Sites
The goal of OpenSea was to offer artists with a marketplace/platform to upload commissions without any extra charges. It also has additional functions that let you sell your work without having to deal with many difficulties.
For registration, you don’t need to give all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also operates on the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains available, you can choose which one you want to upload your NFT on as a seller. This will ensure the security of your NFT and the people who want to purchase 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’s like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes time for anyone to become an established seller.
There’s a huge selection of NFTs available of NFTs available at OpenSea, and you can become a part of this! You can create your own marketplace on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto market”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 have heard of 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 can be an NFT. An NFT is a token that is non-fungible that is very exclusive and cannot be changed. This can be an item of any rareness like mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible object that you sell on the internet. More straightforwardly, you can simply consider an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling ownership over that particular token/item that you have uploaded to the marketplace, and you’re selling it. Typically, this is official when you have filled in the correct information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and then creating a collection to start! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain and payments tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see the way transactions are handled from here on out to see if OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself what kind of NFTs can you shop for here, and what you could also sell if you choose to go that route. The kind of NFT it is unlimited because there’s a wide range of options for how to approach it.
You can be selling digital products, trading cards, game assets domain names, even physical assets! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the other options. There are no gas costs when you use this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces have this feature, so this is a great way to make a huge profit from your collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are advantages when you refer your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which means you can make more money from this act.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to convert your fiat money into cryptocurrency on these platforms. Top Nft Sites
You can convert the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
Each of them has the option to exchange for ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than others. Since it is built around the ETH blockchain, wallets that share this network are appropriate for this site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency using the credit card. Top Nft Sites
For more information about the service to learn more, check out their FAQs to see an overview of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available for iOS or 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 royalties of only 10% to artists (low royalty).
- Cannot buy or sell via our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Top Nft Sites
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to sell their works online to receive cryptocurrency as a form of payment. It’s a great platform for artists who use for selling NFTs because of its zero cost of gas and the low commission rate you must pay.
You can browse and shop for an array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception in 2018. Because its system is built on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear to your account or the collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is considered to be quite low in comparison with the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and other sites to provide more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile app from OpenSea available for both iOS and Android. You can download it through their app store, and begin exploring the collection now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts as well as 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/).