Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s see what you can do with OpenSea and also see the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace What Is A Nft Art
The purpose of OpenSea was to offer an online marketplace for artists to easily upload their commissions, without having to pay any additional charges. There are additional features that let you sell your artwork without any problems.
In terms of registration, you won’t have to give any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It also functions with the Polygon blockchain, which allows for lower costs and faster trading.
With these two types 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, along with those who would like to purchase it. All transactions are made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to official art from an artist you admire. Anyone can sell however it takes some time before anyone can become an established one.
There are a variety of NFTs in the collection at OpenSea and you can also be a part of this! You can start your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is unique and can’t be substituted. It can be a piece of rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. More straightforwardly, you can simply imagine as an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you have uploaded to market, as you’re offering it for sale. Usually, this is recognized once you fill out the correct information about the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and then create a collection! Fill out the proper and complete information about your NFT and select the type of settings you want to use it with (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 watch and see the way transactions are handled from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering the kind of NFTs you shop for here and what kind of NFTs you can sell should you decide to go that route. The type of NFT that you can purchase is unlimited as there’s a variety of how you can approach it.
You could be selling trade cards, digital goods game assets, domain names, and even physical assets! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from other companies. There are zero gas fees for using this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on additional fees.
Not many NFT marketplaces provide this feature, so this can be a fantastic way to make a huge profit from your portfolio.
This Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more money through this action.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps of OpenSea are available for both iOS as well as Android. Even though you can’t buy or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you, and you can convert your fiat money into cryptocurrency on these platforms. What Is A Nft Art
You can swap your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
Each of them has 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 types of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built around the ETH blockchain, all wallets which are part of the same network are suitable for the site.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. What Is A Nft Art
To know more about it, you can check 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 all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized 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 10% to artists (low royalty rates).
- Cannot buy or sell via this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions What Is A Nft Art
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform 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 fees and low commission fees that you have to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Since its system is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
In addition, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned to your account or the collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you can get only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been commonly used on this site and other sites to provide more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile app by OpenSea available for both iOS or Android. You can download it through their app store and then you can begin exploring the collection right now!
A desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and receive notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).