The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to watch 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 of OpenSea.
OpenSea as an NFT Marketplace 500 Nft Md
The aim for OpenSea was to offer artists with a marketplace/platform to upload commissions without any extra charges. It has more functions which allow you to market your art without too many problems.
In terms of registration, you don’t need to worry about giving 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 going through many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also functions on the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you want to publish your NFT as a seller. This ensures the safety of your NFT as well as those who would like to purchase it. All transactions are made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist that you admire. Anyone can be a seller, but it takes a while before anyone can become an established seller.
There are a variety of NFTs of NFTs available at OpenSea and you can become a part of that! You can set up 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 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 aren’t exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible token that is very individual and cannot be replaced. It could be an item of rareness like mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible object that you can sell online. In simpler terms, you could just think of as an NFT to be a type of digital item paid via cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the owner of the item or token that you posted to the marketplace, and putting it up for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and simply create a collection! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain, payment tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how the transactions go from here on out to determine if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
At this point you’re probably thinking about what kind of NFTs can be found here, and what you could also sell if you choose to pursue that route. The kind of NFT it is unlimited because there’s a wide range of ways to go about it.
It is possible to sell digital items, trading cards, game assets, domain names, and also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There’s no cost for gas for using this feature when you create and market NFTs. This simply means that you’ll be able to make the highest profits once you sell because you don’t need to pay on additional fees.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your NFT collection.
Referral Program
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive rewards by referring your friend 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, which means you can earn more money through this action.
Other NFT marketplaces don’t offer this kind of feature either This is a further benefit OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available for both iOS as well as Android. While you’re not able to buy or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. 500 Nft Md
You can convert your fiat currency using a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and other things!
All of these have the option to exchange for ETH which is the most common cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Because it is based around the ETH blockchain, wallets which are part of that network will be suitable for this site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. 500 Nft Md
To know more about it You can go through their FAQs for the steps you can start and also what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
Pros
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
Cons
- Allows royalties 10% to artists (low royalties).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used to access this marketplace.
Pricing
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions 500 Nft Md
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online and receive cryptocurrency as a method of payment. It’s a great option for artists who want to use it to sell NFTs because of its zero cost of gas and low commission fees that you have to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear to your account or the collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you can get only 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared against others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as numerous others to cater for many more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before, there is definitely an official mobile app by OpenSea available for both iOS as well as Android. You can download it through their app store and begin exploring the collection now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts as well as 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/).
