The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace When Did Nfts Start
The goal of OpenSea was to offer a platform/marketplace for artists to upload commissions without any extra fees. It has more functions which allow you to market your artwork without any problems.
When it comes to the registration process, you don’t have to worry about giving all of your personal details. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also operates with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains that are available, you can choose which one you’d like to publish your NFT as an seller. This is to ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted 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 endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist that you admire. Anyone can sell however it takes a while for anyone to be an established one.
There are a variety of NFTs from the selection on OpenSea and you could also be a part of this! You can create your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry 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 is. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible currency which is extremely individual and cannot be replaced. It can be an item of rarity like mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. It is simpler to simply think of the NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but you’re selling it. Usually, this is recognized once you fill out all the necessary information about the NFT and then add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and then creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain or payments tokens). After you’ve completed the process then you’re able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from now on to see if OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about the kind of NFTs can you shop for 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 go about it.
You can be selling digital items, trading cards games, domain names, and some physical items! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from the others. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you sell because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, so this is great for you to make a huge profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer benefits by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you earn more money from this act.
Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can convert your fiat money into cryptocurrency through these platforms. When Did Nfts Start
You can convert the fiat currency you have with a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option of exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than others. Since it is built using the ETH blockchain, wallets with a connection to that network will be suitable for the site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only, and the function to buy cryptocurrency using credit cards. When Did Nfts Start
For more information about the service, you can check their FAQs to see a rundown of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- You cannot buy or sell products on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions When Did Nfts Start
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to sell their works online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists who use it to sell NFTs because of its zero cost of gas and the low commission rate that you have to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year 2018. Since its system is based on a blockchain, it is safe to say that your transactions are secure and safe.
In addition, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear on your account or any collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be reasonably low compared against the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is commonly used on this site and numerous others to cater for more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before There is an official mobile app from OpenSea for both iOS or Android. Download it at their respective app store and then you can begin exploring the collection right now!
There is also a version for desktops 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 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/).