The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto-coins. Markets have popped up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s explore the possibilities of OpenSea and also see the NFTs that you can see!
Before you continue, 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 6 Site Nft
The purpose of OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional charges. It has more functions that allow you to sell your work without having to deal with many problems.
For registration, you won’t have to give too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains that are available it is possible to choose which one you would like to transfer your NFT to as a seller. This is to ensure the security of your NFT, along with the people who want to purchase it. All transactions are made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to an official artwork by an artist you admire. Anyone can become a seller however it takes a while for anyone to be a reputable one.
There is a wide variety of NFTs available at OpenSea and you could join in with that! You can set up your own marketplace on this site, as well as find NFTs you’d like to buy for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people have heard of 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 new things that you can buy with cryptocurrency is an NFT. The NFT is a token that is non-fungible that is unique and can’t be substituted. It could be an item of rareness, such as rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object that you sell online. It is simpler to simply think of as an NFT as a digital item which is only paid in cryptocurrency.
Minting NFTs
Minting is similar to calling for dibs to your NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and selling it. Typically, this is official after you fill in the correct information about the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and creating a collection to start! Complete the correct and accurate information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain, payment tokens). After you’ve completed the process then you’re able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how transactions progress from now on to see if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
So, at this point you’re probably asking yourself what kind of NFTs can be purchased here, and what you could also sell if you choose to go that route. The kind of NFT it can be is indefinite since there’s a broad range of how you can approach it.
It is possible to sell digital items, trading cards game assets domain names, even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from other companies. There are no gas costs when you use 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.
Very few NFT marketplaces have this feature, so this is a great way to receive high profit from your collection.
Referral Program
A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets there are benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t offer the same feature and that’s another 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. It isn’t able to purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available on both iOS as well as Android. Although you aren’t able to purchase or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to exchange your fiat money for cryptocurrency on these platforms. 6 Site Nft
You can swap your fiat money via your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
Each of them has the option of exchange for ETH, which is the standard cryptocurrency used in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than other. Because it is based on an ETH blockchain, all wallets that share this network are appropriate for the site.
Here’s a list different crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage as well as the capability to buy cryptocurrency using the credit card. 6 Site Nft
To know more about it to learn more, check out their FAQs to see a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. 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 utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
Cons
- Allows royalties of only 10% to artists (low royalty rates).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
Pricing
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions 6 Site Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to sell their works online, and to accept cryptocurrency as a method of payment. It’s a great option for artists who want to use it to sell NFTs due to its low cost of gas and low commission fee rate that you have to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in 2018. Because its system 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 build up your reputation. A blue checkmark will appear to your account or any collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared against others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier there’s an official mobile app by OpenSea available for both iOS or Android. Download it at their respective app store and begin exploring the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
