The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, 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 review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Websites Like OpenSea
The goal for OpenSea was to simply provide an online marketplace for artists to upload their commissions, without having to pay any additional costs. It also has additional functions which allow you to market your art without too many difficulties.
In terms of registration, you don’t need to worry about giving any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It is also based on the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains that are available it is possible to choose which one you want to publish your NFT as a seller. This is to ensure the security of your NFT as well as those who wish to buy it. All transactions are made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to official art by an artist you admire. Anyone can become a seller however it takes time for anyone to be a reputable one.
There are a variety of NFTs from the selection at OpenSea and you could join in with the collection! You can set up your own marketplace there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t sure exactly what it means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can buy includes an NFT. The NFT is a token that is non-fungible that is very exclusive and cannot be substituted. It can be an item of rarity like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item that you sell online. In simpler terms, you could just imagine the NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling the ownership of the particular item that you have uploaded to market, as you’re selling it. Typically, this is official after you fill in the correct information about the NFT and then add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and then create a collection! Complete the correct and accurate information about your NFT and then select what type of settings you want for it (e.g. blockchain or payment tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from now on to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself the kind of NFTs can be purchased here, and what you could sell should you decide to pursue that route. The type of NFT that you can purchase is unlimited because there’s a wide range of options for how to go about it.
You could be selling trade cards, digital goods, game assets, domain names, and even physical assets! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from other companies. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This means you’ll get the most profit when you start selling because you won’t have to spend on any additional charges.
Very few NFT marketplaces provide this feature, and it is great for you to make a huge profit from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can make more money through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse 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 in addition to Android. Even though you can’t buy or sell anything, you can still at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal to exchange your fiat money for cryptocurrency on these platforms. Websites Like OpenSea
You can exchange the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
All of them have the option to exchange for ETH, which is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than others. Since it is built on the ETH blockchain, any wallets which are part of that network will be suitable for this website.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. Websites Like OpenSea
To know more about it to learn more, check out their FAQs to see an overview of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used 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 royalty rates).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Websites Like OpenSea
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists using for selling NFTs due to its low gas costs and low commission fees which you are required to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year 2018. Since its system is based on a blockchain, it is safe to say that your transactions are safe and secure.
Furthermore as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned next to your account or the collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be widely utilized on this website and other sites to provide the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile app from OpenSea available for both iOS or Android. Download it at their respective app store and then you can begin exploring the collection now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. In 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/).