The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s explore the possibilities of 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’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace What Does OpenSea Mean
The aim of OpenSea was to provide an online marketplace for artists to upload their commissions without any extra charges. There are additional features that let you sell your art without too many problems.
In terms of registration, you won’t have to worry about giving all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It also operates using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains available, you can choose which one you would like to publish your NFT as an seller. This ensures the safety of your NFT as well as the people who want to buy it. All transactions are made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can be a seller however, it takes time for anyone to be an established seller.
There’s a huge selection from the selection on OpenSea and you can become a part of the collection! You can create your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but not exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible currency which is extremely individual and cannot be replaced. It can be a piece of 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 you’re selling online. In simpler terms, you could just imagine an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the ownership of the particular item you uploaded on the market place, but offering it for sale. Typically, this is official once you fill out the proper information regarding the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and simply create a collection! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain, payment tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
You can watch and see the way transactions are handled from here on out to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself what kind of NFTs be found here and what kind of NFTs you can also sell if you decide to go down that path. The kind of NFT it is unlimited as there’s a variety of how you can do it.
You could be selling digital products, trading cards, game assets, domain names, and even physical assets! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the others. There are no gas costs for using this feature when you mint and sell NFTs. This means you’ll be able to make the highest profits once you begin selling since you don’t need to pay on additional fees.
There aren’t many NFT marketplaces offer this feature, so this is a great way to earn a high return from your NFT collection.
This Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits by referring someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which means you can earn more money through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. You can’t buy or sell items as you browse through the listings.
OpenSea’s mobile apps are available on both iOS as well as Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. What Does OpenSea Mean
You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of these have the option of converting them into ETH that is the standard cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Since it is built around an ETH blockchain, all wallets with a connection to this network are appropriate for this site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with credit cards. What Does OpenSea Mean
For more information about the service You can go through their FAQs to see the steps you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- You cannot buy or sell products through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are selling, 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 extra charge for it.
Frequently Asked Questions What Does OpenSea Mean
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs due to its low gas fees and low commission fee rate which you are required to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year of 2018. Since the system it operates on is built on a blockchain that is secure, you can claim that your transactions are secure and safe.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned next to your account or the collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is believed to be quite low in comparison against the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and many others to accommodate many more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile app from OpenSea available for both iOS and Android. You can download it through their app store, and then you can begin exploring the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications on updates regarding your account while you’re on the desktop.