The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto coins. Markets have popped up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Get on board, and let’s explore the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Where To Buy Nft Art
The goal to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional charges. It also has additional functions that let you sell your art without too many problems.
In terms of registration, you don’t need to worry about giving any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It also operates using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains available, you can choose which one you want to transfer your NFT to as a seller. This will ensure the security of your NFT, along with those who wish to buy it. All transactions are made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist you admire. Anyone can sell however, it takes some time for anyone to become an established seller.
There are a variety of NFTs of NFTs available on OpenSea and you can also be a part of that! You can create your own marketplace there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t sure exactly what it actually 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. An NFT is a non-fungible currency that is very exclusive and cannot be changed. This can be a piece of rarity like mint-condition baseball trading cards or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you sell online. It is simpler to simply consider an NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You’re claiming the owner of the item or token you uploaded on market, as you’re offering it for sale. Usually, this becomes official after you fill in the correct information about the NFT and finally 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 then creating a collection to start! Fill out the proper and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g., blockchain and payments tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from now to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering what kind of NFTs can you shop for here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT that you can purchase isn’t limited because there’s a wide range of ways to approach it.
You could be selling digital items, trading cards game assets domain names, some physical items! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. There are no gas costs when you use this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you won’t need to spend on additional fees.
Very few NFT marketplaces provide this feature, and it is great for you to receive high profit from your portfolio.
The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more money from this act.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you, and you can exchange your fiat money for cryptocurrency through these platforms. Where To Buy Nft Art
You can exchange 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 to exchange for ETH which is the primary crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built around an ETH blockchain, all wallets with a connection to that network will be suitable for the site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, only mobile usage as well as the capability to buy cryptocurrency using the credit card. Where To Buy Nft Art
To know more about it, you can check their FAQs for an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalties).
- You cannot buy or sell products on our mobile apps.
- Only supports cryptocurrency as its type of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Where To Buy Nft Art
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use for selling NFTs because of its zero gas fees and low commission fee rate that you have to pay.
You can shop and browse the vast array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established in 2018. Because its system is built on blockchain technology, it is safe to claim that your transactions are safe and secure.
Additionally as a seller you can become verified once you have built up your credibility. A blue checkmark is placed next to your account or any collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties after you upload the NFT. This is believed to be reasonably low compared against other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be widely used on this site and many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile app from OpenSea available for both iOS and Android. You can download it through their app store and you can start browsing through the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts as well as 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/).