The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea and also see what NFTs you can view!
Before you go on, 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.
OpenSea as an NFT Marketplace Whats A Nft
The aim of OpenSea was to provide artists with a marketplace/platform to upload commissions without any extra costs. There are additional features which allow you to market your work without having to deal with many difficulties.
When it comes to registration, you won’t have 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 on OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It is also based with the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains available you can pick which one you want to upload your NFT on as an seller. This will ensure the security of your NFT, along with the people who want to buy it. All transactions will be 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 like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to an official artwork by an artist you admire. Anyone can become a seller, but it takes time for anyone to be an established seller.
There is a wide variety in the collection at OpenSea and you could also be a part of that! You can set up your own marketplace there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around for so long on internet that the majority of young people are familiar with it but not exactly sure what it means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible token which is extremely exclusive and cannot be substituted. It can be an item of any rareness like authentic baseball cards or unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could just think of an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. It is a way of claiming the owner of the item or token that you have uploaded to market, as you’re putting it up for sale. Usually, this is recognized after you fill in the correct information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and simply create a collection! Fill out the proper and correct information regarding your NFT and then select what type of settings you want to use it with (e.g. blockchain or payment tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from here on out to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs you shop for here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT that you can purchase is unlimited because there’s a wide range of ways to do it.
You can be selling digital products, trading cards, game assets domain names, some physical items! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees for using this feature to create and market NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t have to spend on extra fees.
Not many NFT marketplaces offer this feature, so this is a great way to earn a high return from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets that offer rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to make more money by this method.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS and Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. Whats A Nft
You can swap your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built using an ETH blockchain, all wallets that share this network are appropriate for this site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage as well as the capability to buy cryptocurrency using a credit card. Whats A Nft
To know more about it to learn more, check out their FAQs to see an overview of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available for iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Whats A Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its no cost of gas and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of 2018. Because its system is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark is placed on your account or any collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be frequently used on this site and other sites to provide many more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow 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 or mobile application?
As mentioned before There is 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 version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and get alerts on any updates that affect 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/).