Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace What Is Nft Mean
The purpose of OpenSea was to provide a platform/marketplace for artists to upload their commissions with no additional fees. There are additional features that let you sell your work without having to deal with many problems.
When it comes to registration, you won’t have to provide any personal information about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also functions on the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains, you can choose which one you would like to transfer your NFT to as a seller. This will ensure the security of your NFT as well as the people who want to buy it. All transactions are made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist that you admire. Anyone can be a seller however, it takes time before anyone can become an established one.
There’s a huge selection from the selection on OpenSea, and you can become a part of that! You can set up your own personal market here, along with finding NFTs you want to purchase 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 a lot of millennials have heard of it but aren’t exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy includes an NFT. An NFT is a non-fungible token that is unique and can’t be substituted. This can be a piece of rarity like mint-condition baseball trading cards or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can just consider the NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the marketplace, and you’re putting it up for sale. Typically, this is official after you fill in all the necessary information about the NFT and 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 making a collection to begin! Fill out the proper and accurate information about your NFT and select the type of settings you want for it (e.g. blockchain or money transfer tokens). After you’ve completed the process, you can finally upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from now to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering what kind of NFTs can you shop for here, and what you could also sell if you choose to go down that path. The kind of NFT that you can purchase isn’t limited as there’s a variety of how you can approach it.
You could be selling digital items, trading cards game assets domain names, even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the others. There are zero gas fees when you utilize this feature to create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, so this can be a fantastic way to receive high profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more cash from this act.
Other NFT marketplaces don’t have the same feature and that’s 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 on both iOS and Android. While you’re not able to buy or sell something, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal to convert your fiat money into cryptocurrency through these platforms. What Is Nft Mean
You can convert your fiat money via your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
All of these have the option of converting them into ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than other. Since it is built using the ETH blockchain, all wallets which are part of this network are appropriate for this site.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency with a credit card. What Is Nft Mean
To learn more about it You can go through their FAQs for the steps you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. 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 or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used to use 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% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions What Is Nft Mean
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 their form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its no gas fees and the low commission rate you must pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year of 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed next to your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been widely utilized on this website and numerous others to cater for many more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea that is available for iOS as well as Android. Download it at their respective app store, and then you can begin exploring the collection now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).