Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out 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 of OpenSea.
OpenSea as an NFT Marketplace 10 Ft Nft Channel
The aim to create OpenSea was to simply provide an online marketplace for artists to upload commissions without any extra costs. It has more functions that let you sell your artwork without any issues.
When it comes to registration, you won’t have to provide all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, 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 is used for the majority of transactions. It also operates using the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains available you can pick which one you would like to publish your NFT as a seller. This is to ensure the security of your NFT and the people who want to purchase it. Every transaction will be conducted along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can sell however, it takes a while before anyone can become an established one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you can become a part of the collection! You can create your own market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can buy includes an NFT. An NFT is a non-fungible currency that is very exclusive and cannot be changed. It can be an item of any rarity like rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you sell on the internet. It is simpler to simply consider the NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling ownership over that particular token/item that you posted to the market place, but offering it for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and then creating a collection to start! Fill out the proper and accurate information about your NFT and then select what type of settings you want for it (e.g. blockchain, money transfer tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
You can watch and see how the transactions go from here on out to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself the kind of NFTs be purchased here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT that you can purchase is unlimited because there’s a wide range of ways to go about it.
You can be selling trade cards, digital goods games domain names, even physical assets! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the others. There are no gas costs when you use this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t need to spend on additional fees.
Not many NFT marketplaces provide this feature, which is why this can be a fantastic way to earn a high return from your collection.
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on both iOS as well as Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you to convert your fiat money into cryptocurrency using these platforms. 10 Ft Nft Channel
You can convert your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of converting them into ETH, which is the most common cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built around an ETH blockchain, all wallets that share this network are appropriate for this website.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency with the credit card. 10 Ft Nft Channel
For more information about the service, you can check their FAQs for the steps you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- Cannot buy or sell on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions 10 Ft Nft Channel
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to market their work online, and to accept cryptocurrency as a form of payment. It’s a great option for artists who want to use it to sell NFTs due to its no cost of gas and low commission fee rate which you are required to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established in the year 2018. Because its system is built on blockchain technology that is secure, you can claim that your transactions are secure and safe.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned on your account or any collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure that users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can get only 10% of the royalties once you upload the NFT. This is believed to be quite low in comparison to the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is widely utilized on this website and many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned there’s an official mobile application from OpenSea that is available for iOS and Android. You can download it through their app store, and then you can begin exploring the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application 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/).