Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. Markets have popped up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of 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’s one of the biggest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and discover what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Www Nft Com
The purpose to create OpenSea was to offer a platform/marketplace for artists to upload commissions with no additional costs. It has more functions that let you sell your work without having to deal with many issues.
When it comes to registration, you won’t have to provide 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 going through much hassle as you step into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It is also based with the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains that are 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 purchase it. Every transaction will be conducted using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork by an artist you admire. Anyone can be a seller, but it takes a while for anyone to be a reputable one.
There is a wide variety in the collection of NFTs available at OpenSea, and you can join in with that! You can set up your own market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry, the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible token that is very unique and can’t be substituted. It could be an item of any rarity like authentic baseball cards, or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible object that you can sell on the internet. More straightforwardly, you can simply imagine the NFT to be a type of digital item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling ownership over that particular token/item that you posted to the market place, but you’re offering it for sale. Typically, this is official when you have filled in the proper information regarding the NFT and add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then create a collection! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain or payment tokens). Once that’s all done then you’re able to upload it, if it’s within the limit of 100MB.
You can watch and see the way transactions are handled from now to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself the kind of NFTs be found here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT it is indefinite since there’s a broad range of options for how to approach it.
It is possible to sell digital items, trading cards, game assets domain names, also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the others. There’s no cost for gas for using this feature to create and market NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t need to spend on additional fees.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your portfolio.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more money by this method.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency using these platforms. Www Nft Com
You can swap the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
All of them have the option of exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than others. Because it is based on the ETH blockchain, any wallets with a connection to the same network are suitable for the site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found 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 the credit card. Www Nft Com
To learn more about it You can go through their FAQs to get a rundown of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a form of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Www Nft Com
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists using the platform to market NFTs due to its no gas costs and low commission fee rate that you have to pay.
You can browse and shop for an array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception at the end of the year of 2018. Because its system is based on a blockchain that is secure, you can claim that your transactions are secure and safe.
Additionally, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed to your account or the collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared to other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile app from OpenSea that is available for iOS or Android. Download it at their respective app store, and then you can begin exploring the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you can 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/).