The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Get on board, and discover what you can do with OpenSea as well as examining 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Zora Vs OpenSea
The aim to create OpenSea was to provide an online marketplace for artists to upload commissions with no additional costs. It has more functions that let you sell your artwork without any issues.
When it comes to registration, you don’t need to provide too many details about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for most processes. It also functions with the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains available, you can choose which one you want to upload your NFT on as an seller. This will ensure the security of your NFT and those who would like to purchase it. All transactions will be made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your NFTs or cryptocurrency 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 some time for anyone to be a reputable one.
There is a wide variety from the selection at OpenSea and you can also be a part of this! You can start your own personal market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto industry, the term “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible token that is exclusive and cannot be substituted. This can be an item of any rareness like mint-condition baseball trading cards, or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you can sell online. More straightforwardly, you can simply think of an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You’re claiming the owner of the item or token that you posted to the marketplace, and putting it up for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply making a collection to begin! Complete the correct and complete information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain and payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how the transactions go from now to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering the kind of NFTs can you shop for here and what you can sell should you decide to go that route. The type of NFT it is indefinite since there’s a broad range of ways to approach it.
It is possible to sell digital products, trading cards games 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 separates OpenSea from the other options. There are zero gas fees for using this feature to create and market NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, so this can be a fantastic way to earn a high return from your NFT collection.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets that offer rewards by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t have this kind of feature either and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you to trade your fiat currency for cryptocurrency on these platforms. Zora Vs OpenSea
You can exchange your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
All of them have the option of converting them into ETH which is the most common cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are still more compatible with it than others. Since it is built using the ETH blockchain, wallets which are part of this network are appropriate for this website.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage as well as the capability to buy cryptocurrency using a credit card. Zora Vs OpenSea
To know more about it, you can check their FAQs to get a rundown of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Zora Vs OpenSea
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists using the platform to market NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year of 2018. Because its system is based on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
Furthermore as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear to your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is considered to be a reasonable amount compared with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide the increasing number of 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.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through 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 app?
As previously mentioned There is an official mobile app by OpenSea available for both iOS and Android. Download it at their respective app store, and then you can begin exploring the collection now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and get alerts on any updates that affect 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/).