The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace 5 Nfta Pdf
The aim for OpenSea was to provide an online marketplace for artists to easily upload their commissions without any extra fees. It also has additional functions that allow you to sell your work without having to deal with many problems.
For registration, you don’t need to provide too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency used in 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 to carry out the majority of processes. It is also based with the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains available you can pick which one you’d like to transfer your NFT to as seller. This ensures the safety of your NFT and those who would like to buy it. Every transaction will be conducted along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to official art from an artist that you admire. Anyone can sell, but it takes some time for anyone to become an established one.
There’s a huge selection from the selection on OpenSea and you could also be a part of this! You can start your own personal market here, along with finding NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the cryptocurrency industry the term “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the newest things you can buy includes an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. This can be a piece of rareness, such as rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you sell online. More straightforwardly, you can just think of as an NFT as a digital item paid via cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as you’re offering it for sale. Usually, this is recognized when you have filled in the correct information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you’d like for it (e.g. blockchain, payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from now on to determine if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
At this point you’re probably thinking about the kind of NFTs can be found here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT it isn’t limited since there’s a broad range of how you can go about it.
You can be selling digital items, trading cards game assets, domain names, and also physical goods! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This means you’ll get the most profit when you sell because you won’t need to spend on any additional charges.
Not many NFT marketplaces offer this feature, which is why this is great for you to receive high profit from your collection.
Referral Program
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t have this feature This is a further advantage OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell items as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency using these platforms. 5 Nfta Pdf
You can swap your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
All of these have the option to 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 cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly on an ETH blockchain, wallets which are part of that network will be suitable for this site.
Here’s a list different crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to buy cryptocurrency using credit cards. 5 Nfta Pdf
To know more about it, you can check their FAQs to see the steps you can start and which other wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
Pros
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
Cons
- Allows royalties of only 10% for artists (low royalty rates).
- You cannot buy or sell products via the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed for this marketplace.
Pricing
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions 5 Nfta Pdf
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists who use it to sell NFTs because of its zero cost of gas and low commission fee rate you must pay.
You can browse and purchase an array of digital items on the NFT marketplace and you must take a look!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established in the year of 2018. Because its system is built on blockchain technology and is secured, it is safe to claim that your transactions are secure and safe.
Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or any collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are secure.
How can I earn royalties on OpenSea?
As an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared against other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can use for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and 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 we mentioned earlier There is an official mobile app from OpenSea for both iOS as well as Android. You can download it through their app store, and begin exploring the collection now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts as well as 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/).
