Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and discover the possibilities of OpenSea, along with checking 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 will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace 3/8 -24 Nft Insert
The purpose for OpenSea was to provide artists with a marketplace/platform to upload commissions, without having to pay any additional costs. There are additional features which allow you to market your art without too many issues.
When it comes to registration, you don’t need to provide too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for most processes. It also functions with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains available it is possible to choose which one you want to upload your NFT on as an seller. This will ensure the security of your NFT as well as those who would like to purchase it. Every transaction will be conducted using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist that you admire. Anyone can be a seller however, it takes a while for anyone to become an established one.
There’s a huge selection from the selection of NFTs available at OpenSea, and you can become a part of that! You can create your own marketplace on this site, as well as find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but not exactly sure what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible token that is unique and can’t be replaced. It could be an item of any rarity like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible object you’re selling online. More straightforwardly, you can just think of an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and making a collection to begin! Complete the correct and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain or money transfer tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to determine if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
At this point you’re probably asking yourself which kind of NFT be found here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT it is indefinite because there’s a wide range of how you can approach it.
It is possible to sell digital products, trading cards, game assets, domain names, and some physical items! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the other options. There’s no cost for gas for using this feature to mint and sell NFTs. This means you’ll receive the maximum profits when you start selling because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, and it is a great way to receive high profit from your collection.
Referral Program
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you earn more money through this action.
Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use to exchange your fiat money for cryptocurrency on these platforms. 3/8 -24 Nft Insert
You can swap your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and many more!
All of these have the option of exchange for ETH which is the standard crypto payment in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are still more compatible with it than others. Because it is based on the ETH blockchain, any wallets that share that network will be suitable for this website.
Here is a list of different crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage and the ability to purchase cryptocurrency using credit cards. 3/8 -24 Nft Insert
To learn more about it to learn more, check out their FAQs to get the steps you can get started and what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
Pros
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
Cons
- Allows royalties of only up to 10% for artists (low royalty rates).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed to access this marketplace.
Pricing
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions 3/8 -24 Nft Insert
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs due to its no gas costs and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in 2018. Since its system is built on a blockchain that is secure, you can claim that your transactions are protected and secured.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed next to your account or any collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared against other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely utilized on this website and many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea available for both iOS or Android. You can download it through their app store and you can start exploring the collection now!
The desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
