Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace 1895Ntamiami Tr Nft Myers Fl 33903
The aim to create OpenSea was to offer an online marketplace for artists to upload commissions with no additional charges. It also has additional functions which allow you to market your work without having to deal with many difficulties.
When it comes to registration, you don’t need to give any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It also functions on the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as seller. This is to ensure the security of your NFT and those who would like to buy it. All transactions are made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist that you admire. Anyone can sell however, it takes a while for anyone to be an established one.
There are a variety of NFTs from the selection at OpenSea and you could also be a part of this! You can create your own marketplace 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,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials have heard of it but not exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can buy can be an NFT. A NFT is a non-fungible token which is extremely exclusive and cannot be replaced. It can be an item of rarity like rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can simply imagine the NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs on your own NFTs. You are calling the ownership of the particular item that you posted to the market place, but you’re selling it. Usually, this is recognized after you fill in the proper information regarding the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and simply creating a collection to start! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain or payment tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how the transactions go from here on out to determine whether OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs can be purchased here and what you can also sell if you choose to pursue that route. The type of NFT it isn’t limited as there’s a variety of how you can go about it.
You could be selling digital products, trading cards, game assets, domain names, and also physical goods! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. There’s no cost for gas for using this feature when you make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t have to spend on extra fees.
Not many NFT marketplaces offer this feature, which is why this is a great way to receive high profit from your collection.
Referral Program
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive 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 percent of the purchase amount, which means you can make more money by this method.
Other NFT marketplaces do not have this feature This is a further advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps of OpenSea are available for both iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal to exchange your fiat money for cryptocurrency using these platforms. 1895Ntamiami Tr Nft Myers Fl 33903
You can exchange the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and many more!
All of these have the option of converting them into ETH, which is the most common cryptocurrency used 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 others. Since it is built around an ETH blockchain, wallets that share this network are appropriate for this site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to buy cryptocurrency using credit cards. 1895Ntamiami Tr Nft Myers Fl 33903
To learn more about it, you can check their FAQs for an overview of how you can begin and which other wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
Pros
- Mobile apps are available for iOS and 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.
Cons
- Allows royalty rates of up to 10% for artists (low royalty rates).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto account is needed to access this marketplace.
Pricing
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions 1895Ntamiami Tr Nft Myers Fl 33903
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists using for selling NFTs due to its low cost of gas and the low commission rate that you have to pay.
You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year 2018. Since its system is based on a blockchain, it is safe to say that your transactions are safe and secure.
In addition as a seller you can become verified once you’ve earned a reputation. A blue checkmark is placed on your account or collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties from OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared to other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as many others to accommodate many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned there’s an official mobile app from OpenSea for both iOS and Android. You can download it through their app store and then you can begin exploring the collection now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and receive notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
