The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s see the possibilities of OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace 100 Thieves Nft
The purpose of OpenSea was to provide a platform/marketplace for artists to upload their commissions with no additional fees. There are additional features that let you sell your artwork without any issues.
In terms of the registration process, you don’t have to give too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency used within 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 operates on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains available it is possible to choose which one you’d like to publish your NFT as a seller. This is to ensure the security of your NFT as well as those who wish to buy it. All transactions are made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to an official artwork by an artist you admire. Anyone can become a seller however, it takes time before anyone can become an established seller.
There’s a huge selection in the collection at OpenSea, and you can also be a part of this! You can create your own marketplace here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials are familiar with it , but not exactly sure what it actually means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible currency that is unique and can’t be substituted. It could be an item of rareness like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you sell online. In simpler terms, you could simply think of as an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. You are calling ownership over that particular token/item that you posted to market, as putting it up for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and finally add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then creating a collection to start! Fill out the proper and complete information about your NFT and then select what type of settings you’d like to use for it (e.g., blockchain, money transfer tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from now to see if OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself the kind of NFTs can you shop for here, and what you could sell should you decide to go down that path. The type of NFT that you can purchase isn’t limited because there’s a wide range of options for how to approach it.
It is possible to sell trade cards, digital goods games, domain names, and even physical assets! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the others. There are no gas costs when you use this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you sell because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces have this feature, which is why this can be a fantastic way to receive high profit from your portfolio.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, letting you earn more cash through this action.
Other NFT marketplaces don’t offer this kind of feature either This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell anything while you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell things, 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 You can also exchange your fiat money for cryptocurrency using these platforms. 100 Thieves Nft
You can exchange the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option of exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built using the ETH blockchain, wallets with a connection to that network will be suitable for the site.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage, and the function to buy cryptocurrency using the credit card. 100 Thieves Nft
For more information about the service, you can check their FAQs to get an overview of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps available for iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- Cannot buy or sell through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is accessible to everyone who has crypto coins 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. However, overall, you will quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions 100 Thieves Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists using it to sell NFTs because of its zero gas costs and low commission fees you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in 2018. Because its system is built on blockchain technology that is secure, you can say that your transactions are safe and secure.
Furthermore as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned next to your account or collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties on OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be quite low in comparison to other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be widely used on this site as well as numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before there’s an official mobile app 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 now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as 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/).