Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto coins. Marketplaces are popping up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea and also see 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 review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Uploading Items To OpenSea
The purpose for OpenSea was to provide artists with a marketplace/platform to upload commissions without any extra charges. It also has additional functions that allow you to sell your work without having to deal with many problems.
For registration, you won’t have to provide too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It is also based on the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains you can pick which one you want to transfer your NFT to as an seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions will be made along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name, to a piece of art by an artist you admire. Anyone can be a seller, but it takes time for anyone to be an established seller.
There are a variety of NFTs of NFTs available on OpenSea, and you can join in with that! You can create your own market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t sure exactly what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can buy can be an NFT. An NFT is a token that is non-fungible that is exclusive and cannot be changed. This can be a piece of rareness, such as mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you sell online. More straightforwardly, you can just imagine as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and you’re putting it up for sale. Typically, this is official once you fill out all the necessary information about the NFT and add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and create a collection! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain or payments tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from here on out to determine if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself the kind of NFTs can you shop for here and what you can also sell if you decide to go that route. The type of NFT it isn’t limited since there’s a broad range of how you can go about it.
You could be selling trade cards, digital goods, game assets, 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 feature is what differentiates OpenSea from other companies. There are zero gas fees when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you sell because you don’t need to pay on extra fees.
There aren’t many NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your portfolio.
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more cash from this act.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency on these platforms. Uploading Items To OpenSea
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 primary crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly on the ETH blockchain, any wallets which are part of that network will be suitable for the site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency using the credit card. Uploading Items To OpenSea
To learn more about it to learn more, check out their FAQs for an overview of how 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 the only one to have this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Uploading Items To OpenSea
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online to receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use for selling NFTs due to its low cost of gas and low commission fee rate which you are required to pay.
You can browse and shop for an array of digital products on this NFT marketplace and you must go through it!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of 2018. Because its system is built on blockchain technology that is secure, you can say that your transactions are secure and safe.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed on your account or any collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are protected.
How do I earn royalties from OpenSea?
As an artist, you can be paid only 10% of the royalties once you upload the NFT. This is considered to be a reasonable amount compared to the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been widely utilized on this website and numerous others to cater for many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store, and begin exploring the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts and get notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).