The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto-coins. Markets have popped up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace 4′ Nft Channel
The goal for OpenSea was to simply provide artists with a marketplace/platform to upload their commissions without any extra costs. There are additional features that allow you to sell your work without having to deal with many issues.
For registration, you don’t need to worry about giving too many details about yourself. All you need to connect your crypto 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 on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also functions with the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains available, you can choose which one you would like to publish your NFT as a seller. This is to ensure the security of your NFT, along with those who wish to purchase it. Every transaction will be conducted using this blockchain, so you should consider 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 cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can sell however it takes time for anyone to be a reputable one.
There’s a huge selection of NFTs available of NFTs available at OpenSea, and you can also be a part of that! You can create your own market on this site, as well as find NFTs that you would like to purchase 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 the internet that the majority of young people are familiar with it , but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible currency that is exclusive and cannot be replaced. It can be an item of rareness like authentic baseball cards or unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible item you’re selling online. It is simpler to simply think of the NFT as a digital item that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling the shots on your own NFTs. You are calling the ownership of the particular item that you have uploaded to the market place, but you’re offering it for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and then add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and creating a collection to start! Input the appropriate and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain, payments tokens). Once that’s all done then you’re able to upload it if it fits 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 right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
At this point, you’re probably wondering what kind of NFTs be purchased here, and what you could sell should you decide to go that route. The type of NFT it is indefinite as there’s a variety of ways to go about it.
It is possible to sell digital products, trading cards, game assets domain names, even physical assets! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, so this is a great way to make a huge profit from your collection.
Referral Program
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you, and you can exchange your fiat money for cryptocurrency through these platforms. 4′ Nft Channel
You can exchange your fiat currency using a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and other things!
Each of them has the option of converting them into ETH, which is the primary crypto payment in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets still more compatible with it than others. Since it is built mainly on the ETH blockchain, wallets that share that network will be suitable for the site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage and the ability to buy cryptocurrency using the credit card. 4′ Nft Channel
For more information about the service, you can check their FAQs for an overview of how you can get started and which other wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
Pros
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
Cons
- Allows royalties of only 10% to artists (low royalty).
- It is not possible to buy or sell items via this mobile application.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
Pricing
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions 4′ Nft Channel
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its low cost of gas and low commission fee rate that you have to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in 2018. Since the system it operates on is built on blockchain technology that is secure, you can claim that your transactions are safe and secure.
In addition, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear on your account or collection you uploaded to reassure every customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you can get only 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site and many others to accommodate more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile application from OpenSea for both iOS as well as Android. Install it from their app store, and you can start exploring the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
