The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up all over the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s explore what you can do with OpenSea and also see the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Best Nft Marketplace Reddit
The goal of OpenSea was to provide a platform/marketplace for artists to upload their commissions, without having to pay any additional fees. It also has additional functions which allow you to market your art without too many difficulties.
For registration, you don’t need to provide too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also functions on the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains available it is possible to choose which one you’d like to upload your NFT on as seller. This is to ensure the security of your NFT as well as the people who want to purchase it. All transactions are made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange 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 time for anyone to become an established seller.
There’s a huge selection of NFTs available at OpenSea and you could become a part of this! You can set up your own marketplace on this site, as well as find NFTs that you would like to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but not exactly sure what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible token that is unique and can’t be replaced. This can be an item of any rareness, such as mint-condition baseball trading cards or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling online. In simpler terms, you could just imagine an NFT as a digital item paid via cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs on your own NFTs. You’re claiming ownership over that particular token/item you uploaded on the market place, but putting it up for sale. Typically, this is official once you fill out all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and simply creating a collection to start! Complete the correct and correct information regarding your NFT and select the type of settings you want to use it with (e.g., blockchain and payments tokens). After that, you can finally upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from now to determine if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
At this point you’re probably thinking about what kind of NFTs can you shop for here and what kind of NFTs you can also sell if you choose to pursue that route. The type of NFT it can be isn’t limited since there’s a broad range of how you can do it.
You could be selling digital products, trading cards, game assets, domain names, and also physical goods! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the other options. There’s no cost for gas for using this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces have this feature, and it can be a fantastic way to receive high profit from your collection.
Referral Program
This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer benefits when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to make more money by this method.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal to trade your fiat currency for cryptocurrency through these platforms. Best Nft Marketplace Reddit
You can swap your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and more!
Each of them has the option of exchange for ETH, which is the primary crypto payment in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than other. Since it is built around an ETH blockchain, any wallets with a connection to this network are appropriate for this website.
Here’s a list several crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency with the credit card. Best Nft Marketplace Reddit
For more information about the service, you can check their FAQs to see a rundown of how you can start and what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
Pros
- Available as mobile apps 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.
Cons
- Allows royalties up to 10% for artists (low royalty rates).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used for this marketplace.
Pricing
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re 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 regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Best Nft Marketplace Reddit
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online to receive cryptocurrency as a method of payment. It’s a great platform for artists using it to sell NFTs due to its no gas costs and low commission fee rate which you are required to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year of 2018. Since its system is built on a blockchain, it is safe to declare that transactions are safe and secure.
Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark will be assigned on your account or any 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 secure.
How can I earn royalties from OpenSea?
As an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared against others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be widely used on this site as well as other sites to provide the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile app from OpenSea that is available for iOS as well as Android. Install it from their app store, and then you can begin exploring the collection now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts and get 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/).
