The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up all over the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s see what you can do with OpenSea and also see the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace 89 Million Nft Slate Interview
The goal for OpenSea was to simply provide artists with a marketplace/platform to upload their commissions, without having to pay any additional fees. It has more functions that allow you to sell your work without having to deal with many issues.
In terms of 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 on OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It also functions on the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains you can pick which one you’d like to publish your NFT as an seller. This is to ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can become a seller however, it takes some time before anyone can become a reputable one.
There are a variety of NFTs of NFTs available at OpenSea, and you can become a part of the collection! You can create your own personal market there, and also find NFTs that you would like to purchase for yourself.
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 for so long on internet that the majority of young people are familiar with it but not exactly sure what it is. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible token that is very individual and cannot be substituted. It can be an item of any 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 thing that you sell on the internet. It is simpler to just consider as an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. It is a way of claiming the ownership of the particular item that you posted to the market place, but you’re putting it up for sale. Usually, this becomes official once you fill out the correct information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and making a collection to begin! Complete the correct and correct information regarding your NFT and choose what kind of settings you want for it (e.g. blockchain and payment tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how the transactions go from now to see if OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about which kind of NFT you shop for here and what kind of NFTs you can sell should you decide to go that route. The type of NFT it can be is unlimited as there’s a variety of ways to approach it.
You can be selling digital products, trading cards games domain names, also physical goods! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the other options. There are zero gas fees for using this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you won’t need to spend on any additional charges.
Not many NFT marketplaces offer this feature, and it is great for you to earn a high return from your collection.
A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets, you can receive advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to make more money from this act.
Other NFT marketplaces don’t offer this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. You can’t buy or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use to trade your fiat currency for cryptocurrency through these platforms. 89 Million Nft Slate Interview
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:
- Bittrex and many more!
All of these have the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based using an ETH blockchain, wallets that share the same network are suitable for the site.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage, and the function to purchase cryptocurrency with the credit card. 89 Million Nft Slate Interview
To know more about it You can go through their FAQs for an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto 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 actively sell because there’s no additional cost for it.
Frequently Asked Questions 89 Million Nft Slate Interview
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s a great platform for artists using the platform to market NFTs due to its no gas fees and low commission fees that you have to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to claim that your transactions are safe and secure.
Furthermore, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned to your account or any collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be reasonably low compared to the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site and other sites to provide more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile app from OpenSea for both iOS as well as Android. Download it at their respective app store and you can start exploring the collection now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and 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/).