The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto coins. Marketplaces are popping up all over the digital web designed to sell and buy 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 one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s see the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace 3Lau Nft
The purpose of OpenSea was to offer a platform/marketplace for artists to upload commissions with no additional charges. There are additional features which allow you to market your art without too many issues.
In terms of registration, you won’t have to provide all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for most processes. It also functions using the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name, to a piece of art by an artist you admire. Anyone can be a seller however, it takes time before anyone can become an established one.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you could join in with that! You can start your own marketplace on this site, as well as find NFTs that you would like to purchase for yourself.
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 a lot of millennials are familiar with it , but aren’t sure exactly what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible token that is individual and cannot be changed. It can be an item of any rareness like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling online. In simpler terms, you could just think of as an NFT being a virtual item paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the market place, but putting it up for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and create a collection! Complete the correct and complete information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain or payment tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how transactions progress from here on out to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs you shop for here and what you can also sell if you decide to pursue that route. The kind of NFT it isn’t limited because there’s a wide range of ways to approach it.
You could be selling digital products, trading cards game assets domain names, also physical goods! Explore what you believe can bring the greatest rewards 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 use this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t have to spend on any additional charges.
Not many NFT marketplaces offer this feature, so this can be a fantastic way to earn a high return from your portfolio.
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the purchase amount, letting you earn more money from this act.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. While you’re not able to buy or sell something, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also convert your fiat money into cryptocurrency on these platforms. 3Lau Nft
You can exchange your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
All of them have the option to exchange for ETH that is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based around the ETH blockchain, wallets that share that network will be suitable for this website.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with the credit card. 3Lau Nft
To know more about it You can go through their FAQs for a rundown of how you can begin and also what other crypto wallets work 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. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- Cannot buy or sell via this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions 3Lau Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists using for selling NFTs due to its no cost of gas and the low commission rate you must pay.
You can shop and browse the vast array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established in 2018. Since its system is built on blockchain technology that is secure, you can declare that transactions are protected and secured.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned to your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is thought to be reasonably low compared to the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as many others to accommodate many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core 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. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before There is an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store and you can start browsing through the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and receive notifications about updates to 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/).