The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid 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 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 What’S An Nft
The goal for OpenSea was to provide a platform/marketplace for artists to easily upload their commissions without any extra charges. There are additional features which allow you to market your artwork without any difficulties.
When it comes to registration, you don’t need to give any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used to carry out the majority of processes. It also functions using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains available you can pick which one you want to publish your NFT as seller. This ensures the safety of your NFT and those who wish to purchase it. Every transaction will be conducted along with this 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 NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist that you admire. Anyone can become a seller however it takes some time for anyone to be an established one.
There is a wide variety in the collection on OpenSea and you could also be a part of this! You can create your own market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it is. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy is an NFT. A NFT is a non-fungible currency that is exclusive and cannot be substituted. This can be an item of rarity like authentic baseball cards or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item that you sell online. In simpler terms, you could just consider the NFT as a digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You are calling the ownership of the particular item that you have uploaded to the marketplace, and you’re selling it. Usually, this is recognized 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 mine your NFTs. All you have to do is visit the store and simply create a collection! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain and money transfer 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 wait and observe how the transactions go from here on out to see if OpenSea is the right 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 you could also sell if you choose to go down that path. The type of NFT that you can purchase isn’t limited since there’s a broad range of how you can do it.
You could be selling trade cards, digital goods game assets domain names, also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you don’t need to pay on extra fees.
Not many NFT marketplaces offer this feature, which is why this is great for you to earn a high return from your portfolio.
The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are benefits when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you 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 them.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for both iOS in addition to Android. While you’re not able to buy or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can convert your fiat money into cryptocurrency through these platforms. What’S An Nft
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
All of these have the option of exchange for ETH, which is the primary cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, the wallets still more compatible with it than others. Since it is built using an ETH blockchain, all wallets that share this network are appropriate for the site.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage and the ability to purchase cryptocurrency using credit cards. What’S An Nft
For more information about the service to learn more, check out their FAQs to get a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- You cannot buy or sell products on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions What’S An Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online and receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use for selling NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can browse and purchase an array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception in 2018. Since the system it operates on is based on a blockchain, it is safe to claim that your transactions are secure and safe.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned on your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and other sites to provide the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier There is an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store and you can start exploring the collection right now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and get notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).