The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. Markets have popped up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
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 most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace 6 Buzz Nft
The purpose to create OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional charges. It also has additional functions that let you sell your artwork without any issues.
For registration, you won’t have to give all of your personal details. 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 many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also operates on the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains available you can pick which one you want to transfer your NFT to as an seller. This is to ensure the security of your NFT as well as those who would like to buy it. All transactions are made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to official art from an artist that you admire. Anyone can be a seller however it takes a while for anyone to become a reputable one.
There is a wide variety of NFTs available at OpenSea, and you can also be a part of this! You can start your own market there, and also find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. A NFT is a token that is non-fungible that is unique and can’t be changed. It can be a piece of rareness, such as authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you can sell online. It is simpler to simply think of as an NFT being a virtual item paid via cryptocurrency only.
Minting NFTs
Minting is like calling dibs for your personal NFTs. You’re claiming the ownership of the particular item that you have uploaded to market, as you’re selling it. Typically, this is official once you fill out all the necessary information about the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and simply creating a collection to start! Fill out the proper and correct information regarding your NFT and select the type of settings you want for it (e.g., blockchain or money transfer tokens). After that then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how transactions progress from now to see if OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
At this point you’re probably asking yourself the kind of NFTs you shop for here and what kind of NFTs you can also sell if you decide to go down that path. The type of NFT it is unlimited since there’s a broad range of options for how to approach it.
It is possible to sell digital items, trading cards, game assets, domain names, and even physical assets! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from other companies. There’s no cost for gas when you use this feature when you mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t have to spend on any additional charges.
Not many NFT marketplaces provide this feature, so this can be a fantastic way to make a huge profit from your NFT collection.
Referral Program
The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are benefits by referring someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on both iOS and Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use, and you can convert your fiat money into cryptocurrency using these platforms. 6 Buzz Nft
You can swap your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
All of them have the option of converting them into ETH, which is the primary cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Because it is based around an ETH blockchain, any wallets with a connection to the same network are suitable for this site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, only mobile usage and the ability to purchase cryptocurrency using credit cards. 6 Buzz Nft
To learn more about it to learn more, check out their FAQs to get the steps you can get started 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 disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
Pros
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
Cons
- Allows royalty rates of 10% to artists (low royalty rates).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed for this marketplace.
Pricing
OpenSea is available to anyone who has any crypto currency in their cryptocurrency 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 easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions 6 Buzz Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists using it to sell NFTs due to its low gas costs and the low commission rate that you have to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in 2018. Since its system is based on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
Furthermore as a seller you will be verified after you build up your reputation. A blue checkmark will appear to your account or any collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared to other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been widely utilized on this website and many others to accommodate more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can utilize to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier there’s an official mobile app from OpenSea available for both iOS or Android. Install it from their app store, and then you can begin exploring the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts as well as receive notifications on updates regarding 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/).
