Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth checking out.
If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see the possibilities of OpenSea as well as examining the NFTs available to view!
Before you go on, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Top Nft
The goal of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions without any extra fees. There are additional features which allow you to market your work without having to deal with many difficulties.
In terms of the registration process, you don’t have to worry about giving any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most popular 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 also functions on the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains available you can pick which one you want to publish your NFT as seller. This will ensure the security of your NFT and those who wish to buy it. All transactions are made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to official art from an artist that you admire. Anyone can become a seller, but it takes a while for anyone to be an established one.
There is a wide variety in the collection 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 that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto market, the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it is. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can buy is an NFT. A NFT is a non-fungible token that is exclusive and cannot be substituted. It can be an item of any rareness, such as mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can just think of as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. It is a way of claiming the owner of the item or token that you posted to market, as you’re offering it for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and then add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and select the type of settings you want to use it with (e.g. blockchain and payments tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how transactions progress from now to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself the kind of NFTs can be purchased here and what you can also sell if you decide to go that route. The kind of NFT it is indefinite because there’s a wide range of options for how to do it.
You could be selling digital items, trading cards, game assets, domain names, and also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the other options. There are no gas costs when you use this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t need to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, and it is a great way to earn a high return from your portfolio.
A Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more money through this action.
Other NFT marketplaces do not have this feature and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Even though you can’t buy or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency through these platforms. Top Nft
You can exchange the fiat currency you have with a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and more!
Each of them has the option of converting them into ETH that is the primary cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built around the ETH blockchain, wallets that share this network are appropriate for the site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. Top Nft
For more information about the service You can go through their FAQs to see the steps you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to 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.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Top Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs because of its zero cost of gas and low commission fee rate you must pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace and you must go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Since the system it operates on is built on blockchain technology, it is safe to say that your transactions are secure and safe.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared to others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As mentioned before there’s an official mobile app by OpenSea for both iOS as well as Android. Install it from their app store and you can start exploring the collection now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).