The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Why OpenSearch
The purpose to create OpenSea was to offer a platform/marketplace for artists to upload their commissions without any extra costs. There are additional features that allow you to sell your art without too many difficulties.
In terms of registration, you don’t need to provide any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through many hassles when you enter 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 which is utilized for most processes. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains available you can pick which one you’d like to upload your NFT on as seller. This will ensure the security of your NFT and those who wish to purchase it. All transactions are made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork by an artist you admire. Anyone can sell, but it takes time before anyone can become an established seller.
There are a variety of NFTs in the collection at OpenSea, and you can join in with this! You can create your own market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t sure exactly what it is. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible currency that is very exclusive and cannot be changed. It could be an item of any rareness like authentic baseball cards or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible item that you sell online. More straightforwardly, you can just consider as an NFT as a digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You’re claiming ownership over that particular token/item that you have uploaded to market, as offering it for sale. Typically, this is official after you fill in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and simply creating a collection to start! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g. blockchain and payment tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from now on to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering the kind of NFTs you shop for here, and what you could also sell if you decide to pursue that route. The kind of NFT that you can purchase is unlimited since there’s a broad range of how you can approach it.
You can be selling digital items, trading cards games, domain names, and also physical goods! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the others. There are no gas costs when you use this feature to make and then sell the NFTs. This means you’ll be able to make the highest profits once you sell because you won’t need to spend on any additional charges.
Not many NFT marketplaces offer this feature, which is why this is a great way to make a huge profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on both iOS as well as Android. Although you aren’t able to purchase or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. Why OpenSearch
You can convert your fiat money via 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 which is the primary cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than others. Since it is built on the ETH blockchain, any wallets which are part of that network will be suitable for this website.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using credit cards. Why OpenSearch
To know more about it, you can check their FAQs to get the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions Why OpenSearch
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use the platform to market NFTs because of its zero gas costs and low commission fees which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace and you must check it out!
Is OpenSea real and secure?
Short answer: Yes! OpenSea is a reputable marketplace since its inception in the year 2018. Since its system is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
Furthermore, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will appear to your account or the collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared against other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier, there is definitely an official mobile app from OpenSea available for both iOS or Android. You can download it through their app store, and begin exploring the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and get notifications about updates to 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/).