The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the biggest 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 as well as examining the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace 6Mm Push To Connect 1/4 Nft
The purpose for OpenSea was to provide a platform/marketplace for artists to upload their commissions without any extra fees. It also has additional functions that let you sell your art without too many difficulties.
When it comes to the registration process, you don’t have to provide any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for the majority of transactions. It also operates with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains that are available you can pick which one you want to publish your NFT as a seller. This is to ensure the security of your NFT, along with the people who want to buy it. Every transaction will be conducted along with this blockchain, so you should think about where to 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 for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist that you admire. Anyone can become a seller however, it takes some time for anyone to be a reputable one.
There is a wide variety from the selection on OpenSea and you could become a part of the collection! You can start your own personal market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t exactly sure what it means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency that is exclusive and cannot be replaced. It can be an item of any rareness, such as authentic baseball cards, or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item that you sell on the internet. More straightforwardly, you can simply imagine as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling ownership over that particular token/item you uploaded on market, as you’re putting it up for sale. Typically, this is official when you have filled in the proper information regarding the NFT and submit it for sale on.
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! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain and money transfer tokens). After that then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from now to determine if OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about what kind of NFTs be found here, and what you could sell should you decide to pursue that route. The kind of NFT that you can purchase is unlimited because there’s a wide range of how you can go about it.
You could be selling trade cards, digital goods game assets domain names, also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from other companies. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces offer this feature, which is why this is great for you to earn a high return from your collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more money by this method.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. 6Mm Push To Connect 1/4 Nft
You can swap your fiat currency using a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
All of these have the option to exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly around the ETH blockchain, all wallets which are part of the same network are suitable for this site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. 6Mm Push To Connect 1/4 Nft
To learn more about it You can go through their FAQs to see a rundown of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions 6Mm Push To Connect 1/4 Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists using the platform to market NFTs due to its no gas costs and the low commission rate that you have to pay.
You can shop and browse the vast array of digital products on this NFT marketplace and you must check it out!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of 2018. Since its system is built on blockchain technology and is secured, it is safe to say that your transactions are secure and safe.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear next to your account or any collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you’ll get only 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been widely used on this site as well as numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile application from OpenSea available for both iOS or Android. You can download it through their app store and then you can begin browsing through the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and get alerts on any updates that affect 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/).