Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto coins. There are numerous marketplaces popping up all over the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea as well as examining 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. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace 1/4-28 Nft Male Insert
The aim of OpenSea was to offer a platform/marketplace for artists to upload commissions with no additional charges. There are additional features that allow you to sell your work without having to deal with many issues.
In terms of the registration process, you don’t have to provide too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It also functions on the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains, you can choose which one you want to upload your NFT on as a seller. This will ensure the security of your NFT, along with the people who want to purchase it. All transactions will be made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork by an artist you admire. Anyone can become a seller however, it takes some time before anyone can become a reputable one.
There’s a huge selection of NFTs available of NFTs available at OpenSea, and you can join in with that! You can start your own market here, along with finding NFTs you want to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it , but not exactly sure what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible token that is very exclusive and cannot be substituted. It can be an item of any rareness, such as rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you can sell online. More straightforwardly, you can just think of as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and selling it. Usually, this is recognized once you fill out the proper information regarding the NFT and add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and then creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you want for it (e.g. blockchain or payments tokens). After you’ve completed the process then you’re able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how transactions progress from now to see if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
At this point you’re probably asking yourself which kind of NFT can you shop for here, and what you could also sell if you choose to go that route. The kind of NFT it is indefinite since there’s a broad range of options for how to go about it.
You could be selling trade cards, digital goods games domain names, even physical assets! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces provide this feature, which is why this is a great way to make a huge profit from your collection.
Referral Program
The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to make more money from this act.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to trade your fiat currency for cryptocurrency through these platforms. 1/4-28 Nft Male Insert
You can exchange your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and more!
Each of them has the option of exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly on the ETH blockchain, any wallets that share the same network are suitable for this site.
Here is a list of several crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage as well as the capability to buy cryptocurrency using a credit card. 1/4-28 Nft Male Insert
For more information about the service, you can check their FAQs to get the steps you can begin and which other wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
Pros
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
Cons
- Allows royalty rates of 10% to artists (low royalties).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- A Crypto account is needed to use this marketplace.
Pricing
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions 1/4-28 Nft Male Insert
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its no gas costs and low commission fee rate which you are required to pay.
You can browse and shop for an array of digital items on the NFT marketplace and you must go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can say that your transactions are protected and secured.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear next to your account or any collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and other sites to provide the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can utilize to access OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile app from OpenSea for both iOS and Android. You can download it through their app store, and begin exploring the collection now!
A desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and receive 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/).
