The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up across the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea and also see 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. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace 5/8 Nft All Thread
The goal to create OpenSea was to provide artists with a marketplace/platform to upload their commissions without any extra charges. There are additional features that let you sell your work without having to deal with many difficulties.
When it comes to the registration process, you don’t have to worry about giving any personal information about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It is also based using the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains you can pick which one you would like to publish your NFT as seller. This is to ensure the security of your NFT as well as those who would like to buy it. Every transaction will be conducted along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist you admire. Anyone can become a seller however it takes some time before anyone can become an established one.
There’s a huge selection in the collection at OpenSea, and you can become a part of that! You can set up your own personal market there, and also find NFTs that you would like to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for 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 have heard of it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible token that is very individual and cannot be substituted. It could be an item of any rarity like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible item you’re selling online. In simpler terms, you could just think of the NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling the shots on your own NFTs. You’re claiming the owner of the item or token that you have uploaded to the marketplace, and you’re selling it. Typically, this is official when you have filled in the correct information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and create a collection! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain, payments tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
You can watch and see the way transactions are handled from now to determine if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
In this moment you’re probably asking yourself what kind of NFTs you shop for here, and what you could also sell if you choose to go down that path. The kind of NFT it isn’t limited as there’s a variety of how you can go about it.
It is possible to sell trade cards, digital goods game assets, domain names, and also physical goods! 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 zero gas fees when you utilize this feature when you mint and sell NFTs. This means you’ll receive the maximum profits when you sell because you don’t need to pay on extra fees.
Not many NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your collection.
Referral Program
This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces there are benefits by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you make more money by this method.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal, and you can trade your fiat currency for cryptocurrency through these platforms. 5/8 Nft All Thread
You can exchange your fiat currency using a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
All of them have the option of exchange for ETH which is the primary cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built using an ETH blockchain, wallets with a connection to the same network are suitable for this site.
Here’s a list different crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with a credit card. 5/8 Nft All Thread
To know more about it You can go through their FAQs to see the steps you can start and which other wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
Pros
- Mobile apps available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
Cons
- Allows royalty rates of 10% to artists (low royalty).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
Pricing
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions 5/8 Nft All Thread
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 option for artists who want to use for selling NFTs due to its no gas fees and low commission fees which you are required to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded at the end of the year 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are protected and secured.
Additionally, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned to your account or collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared against others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be widely used on this site and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can utilize for 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 sell cryptocurrency on secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile application from OpenSea that is available for iOS and Android. Download it at their respective app store, and you can start browsing through the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. In 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/).
