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 web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s see the possibilities of OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Avis Nft Lauderdale
The goal of OpenSea was to simply provide a platform/marketplace for artists to upload commissions, without having to pay any additional costs. There are additional features that allow you to sell your work without having to deal with many problems.
In terms of the registration process, you don’t have to give all of your personal details. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It also functions on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains that are available, you can choose which one you want to upload your NFT on as a seller. This ensures the safety of your NFT as well as those who wish to purchase it. Every transaction will be conducted using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller however, it takes some time for anyone to be an established seller.
There is a wide variety in the collection on OpenSea, and you can become a part of this! You can create your own marketplace here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can buy includes an NFT. An NFT is a non-fungible token which is extremely individual and cannot be changed. This 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 as it’s a non-fungible item that you can sell on the internet. In simpler terms, you could simply think of an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to market, as selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and creating a collection to start! Input the appropriate and accurate information about your NFT and then select what type of settings you want to use it with (e.g. blockchain or payments tokens). After you’ve completed the process, you can finally upload it if it fits the limit of 100MB.
You can wait and observe the way transactions are handled from now on to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself which kind of NFT can you shop for here, and what you could also sell if you decide to pursue that route. The kind of NFT that you can purchase isn’t limited as there’s a variety of how you can approach it.
You can be selling trade cards, digital goods, game assets domain names, some physical items! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the other options. There’s no cost for gas when you use this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t have to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, and it is a great way to receive high profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive rewards by referring your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Even though you can’t buy or sell something, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you to convert your fiat money into cryptocurrency through these platforms. Avis Nft Lauderdale
You can exchange your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
All of them have the option of converting them into ETH which is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built using an ETH blockchain, wallets with a connection to that network will be suitable for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency using a credit card. Avis Nft Lauderdale
To learn more about it, you can check their FAQs to see the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- You cannot buy or sell products on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used 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 percent commission fee to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Avis Nft Lauderdale
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its low gas costs and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception in the year of 2018. Since its system is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
Additionally, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned next to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you will be paid only 10% of the royalties once you upload the NFT. This is considered to be a reasonable amount compared with others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be widely used on this site and many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea that is available for iOS as well as Android. Download it at their respective app store, and begin browsing through the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and receive 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/).