The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Get on board, and discover what you can do with 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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Android Nft Games
The aim to create OpenSea was to offer an online marketplace for artists to upload their commissions without any extra charges. It has more functions which allow you to market your artwork without any issues.
When it comes to the registration process, you don’t have to provide 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 easy as that without going through many hurdles as you walk into NFTs.
The most popular 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 is used for most processes. It is also based on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains available, you can choose which one you want to upload your NFT on as seller. This ensures the safety of your NFT and those who would like to purchase it. Every transaction will be conducted using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your NFTs or cryptocurrency 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 time before anyone can become a reputable one.
There’s a huge selection of NFTs available on OpenSea, and you can join in with that! You can start your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development 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 have heard of it but aren’t exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency that is very exclusive and cannot be changed. This can be an item of rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object that you sell online. More straightforwardly, you can simply consider as an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You’re claiming the owner of the item or token that you posted to market, as you’re offering it for sale. Typically, this is official when you have filled in all the necessary information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and simply creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you want for it (e.g. blockchain, money transfer tokens). After that then you’re able to upload it if it fits the 100 MB limit.
It is possible to wait and see how the transactions go from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about which kind of NFT be purchased here and what you can also sell if you choose to go that route. The type of NFT it can be is indefinite because there’s a wide range of how you can go about it.
It is possible to sell digital products, trading cards game assets domain names, also physical goods! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from other companies. There are no gas costs for using this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t have to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, and it is a great way to receive high profit from your collection.
This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you earn more money from this act.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS and Android. Even though you can’t buy or sell things, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. Android Nft Games
You can swap your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
Each of them has the option of exchange for ETH, which is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly on an ETH blockchain, any wallets with a connection to this network are appropriate for the site.
Here is a list of 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 has its own limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency using the credit card. Android Nft Games
To learn more about it, you can check their FAQs to see an overview of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- It is not possible to buy or sell items via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Android Nft Games
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs because of its zero gas fees and the low commission rate you must pay.
You can browse and purchase the vast array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year of 2018. Since the system it operates on is based on a blockchain, it is safe to declare that transactions are safe and secure.
Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark will appear to your account or collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure that users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared to other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been widely utilized on this website and numerous others to cater for more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea for both iOS and Android. You can download it through their app store and then you can begin exploring the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to 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/).