Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto currency. Marketplaces are popping up all over the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re interested in crypto you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and let’s explore what you can do with OpenSea as well as examining 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Video How To OpenSea Auction Game
The purpose of OpenSea was to provide a platform/marketplace for artists to upload their commissions with no additional charges. It has more functions that allow you to sell your art without too many problems.
When it comes to the registration process, you don’t have to provide all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It also operates on the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains that are available, you can choose which one you want to transfer your NFT to as seller. This will ensure the security of your NFT and those who would like to purchase it. All transactions will be made using this blockchain, and you must consider where to 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 for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork by an artist you admire. Anyone can become a seller, but it takes some time before anyone can become an established one.
There is a wide variety of NFTs available at OpenSea and you could become a part of the collection! You can set up your own market 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,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t sure exactly what it is. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible token which is extremely exclusive and cannot be substituted. It could be a piece of rareness, such as mint-condition baseball trading cards or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible item you’re selling on the internet. In simpler terms, you could just imagine as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to market, as you’re offering it for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Fill out the proper and accurate information about your NFT and choose what kind of settings you want for it (e.g., blockchain or payments tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how transactions progress from now to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering the kind of NFTs be purchased here and what you can also sell if you choose to go down that path. The type of NFT that you can purchase isn’t limited since there’s a broad range of ways to do it.
You can be selling trade cards, digital goods game assets, domain names, and some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the others. There are no gas costs for using this feature to mint and sell NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, so this is great for you to receive high profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the sales amount, which allows you to earn more money from this act.
Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There’s 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.
OpenSea’s mobile apps are available on both iOS and Android. While you’re not able to buy or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. Video How To OpenSea Auction Game
You can swap your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
Each of them has the option to 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 forms of crypto, wallets are still more compatible with it than others. Since it is built mainly using an ETH blockchain, all wallets with a connection to this network are appropriate for this site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency using the credit card. Video How To OpenSea Auction Game
To know more about it, you can check their FAQs for the steps you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalties).
- It is not possible to buy or sell items on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee 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 Video How To OpenSea Auction Game
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to market their work online and receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its no gas costs and low commission fees you must pay.
You can browse and purchase the vast array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in 2018. Because its system is built on a blockchain, it is safe to say that your transactions are secure and safe.
Additionally as a seller you’ll be verified when you have built up your credibility. A blue checkmark is placed to your account or the collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison against others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been widely used on this site and numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile app from OpenSea for both iOS as well as Android. Download it at their respective app store, and begin browsing through 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 while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).