The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto currency. Markets have popped up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, 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 of OpenSea.
OpenSea as an NFT Marketplace Ad Mice Modeling Nft
The purpose of OpenSea was to offer an online marketplace for artists to easily upload their commissions, without having to pay any additional charges. There are additional features which allow you to market your artwork without any problems.
For the registration process, you don’t have to provide all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, 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, which is the system that runs it, and this is used for most processes. It also functions using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains you can pick which one you’d like to publish your NFT as seller. This will ensure the security of your NFT as well as those who wish to purchase it. Every transaction will be conducted along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to official art from an artist that you admire. Anyone can sell however, it takes some time before anyone can become an established one.
There is a wide variety in the collection on OpenSea and you could also be a part of the collection! You can start your own marketplace on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t sure exactly what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can buy can be an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be replaced. It can be an item of rareness, such as mint-condition baseball trading cards, or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can just think of as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You are calling ownership over that particular token/item that you posted to the marketplace, and you’re putting it up for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and creating a collection to start! Fill out the proper and accurate information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain or money transfer tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.
You can watch and see how transactions progress from now to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering which kind of NFT be purchased here, and what you could also sell if you decide to pursue that route. The type of NFT it is indefinite because there’s a wide range of options for how to approach it.
You could be selling digital products, trading cards games domain names, some physical items! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the others. There are zero gas fees when you use this feature to create and market NFTs. This means you’ll get the most profit when you begin selling since you won’t have to spend on additional fees.
Very few NFT marketplaces provide this feature, so this is great for you to earn a high return from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces there are rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more money through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. Even though you can’t buy or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can trade your fiat currency for cryptocurrency on these platforms. Ad Mice Modeling Nft
You can convert your fiat currency using a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of them have the option of converting them into ETH which is the primary crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built using an ETH blockchain, wallets with a connection to that network will be suitable for the site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only and the ability to buy cryptocurrency using credit cards. Ad Mice Modeling Nft
For more information about the service, you can check their FAQs to get an overview of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Ad Mice Modeling Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform for selling their artwork online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its low gas fees and low commission fee rate which you are required to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Because its system is built on blockchain technology, it is safe to claim that your transactions are secure and safe.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you can be paid only 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison to the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as other sites to provide many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As mentioned before there’s an official mobile application from OpenSea available for both iOS or Android. Download it at their respective app store and you can start browsing through the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).