The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth a look.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking 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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Angela Lansbury Nft 1973
The aim for OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional fees. There are additional features that allow you to sell your work without having to deal with many problems.
When it comes to registration, you don’t need to worry about giving too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also operates using the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains available, you can choose which one you would like to upload your NFT on as seller. This is to ensure the security of your NFT, along with those who would like to buy it. All transactions will be made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist that you admire. Anyone can be a seller however, it takes some time before anyone can become a reputable one.
There’s a huge selection from the selection of NFTs available at OpenSea and you can join in with the collection! You can create your own marketplace there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials have heard of it but aren’t exactly sure what it means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible currency that is very unique and can’t be replaced. It can be a piece of rarity like rare baseball trading cards in mint condition, or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item you’re selling online. It is simpler to just consider an NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling ownership over that particular token/item you uploaded on the market place, but putting it up for sale. Usually, this becomes official when you have filled in the correct information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and then create a collection! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like 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 the transactions go from now to see if OpenSea is the marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering the kind of NFTs be found here, and what you could also sell if you choose to pursue that route. The type of NFT that you can purchase is indefinite because there’s a wide range of how you can approach it.
You could be selling digital products, trading cards games, domain names, and even physical assets! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from the others. There are zero gas fees when you utilize this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you sell because you won’t need to spend on any additional charges.
Very few NFT marketplaces offer this feature, which is why this is a great way to receive high profit from your collection.
The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer rewards by referring 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 purchase amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t offer this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available for both iOS and Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. Angela Lansbury Nft 1973
You can exchange your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of them have the option to exchange for ETH which is the most common cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly using an ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage and the ability to buy cryptocurrency using the credit card. Angela Lansbury Nft 1973
For more information about the service You can go through their FAQs to see the steps you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a type of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Angela Lansbury Nft 1973
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using it to sell NFTs because of its zero cost of gas and the low commission rate you must pay.
You can shop and browse the vast array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year 2018. Because its system is based on a blockchain, it is safe to claim that your transactions are safe and secure.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear next to your account or the collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be a reasonable amount compared to the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be widely utilized on this website and other sites to provide more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier there’s an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store and you can start exploring the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and get notifications on updates regarding 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/).