Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto currency. Markets have popped up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Big Time Game Nft
The aim for OpenSea was to simply provide artists with a marketplace/platform to upload their commissions, without having to pay any additional charges. There are additional features that allow you to sell your art without too many problems.
When it comes to registration, you don’t need to worry about giving any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used to carry out the majority of processes. It also functions on the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains that are available you can pick which one you want to transfer your NFT to as seller. This ensures the safety of your NFT as well as the people who want to purchase it. Every transaction will be conducted along with this blockchain, so you should think about where you should 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 in exchange for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist that you admire. Anyone can sell however, it takes some time before anyone can become a reputable one.
There are a variety of NFTs in the collection on OpenSea and you could become a part of this! You can create your own personal market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t exactly sure what it means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy includes an NFT. The NFT is a token that is non-fungible that is very unique and can’t be substituted. It can be a piece of rareness like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item that you sell online. It is simpler to just imagine the NFT as a digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and you’re selling it. Usually, this becomes official when you have filled in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and create a collection! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain, payment tokens). Once that’s all done then you’re able to upload it if it fits the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering what kind of NFTs can be purchased here and what you can also sell if you choose to go down that path. The type of NFT it is indefinite because there’s a wide range of options for how to approach it.
It is possible to sell digital items, trading cards game assets, domain names, and even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the others. There are zero gas fees for using this feature when you 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 need to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, and it is great for you to make a huge profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive benefits when you refer your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces don’t have this kind of feature either and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. While you’re not able to buy or sell something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to convert your fiat money into cryptocurrency through these platforms. Big Time Game Nft
You can exchange your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
All of these have the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Because it is based using the ETH blockchain, wallets that share that network will be suitable for this website.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only, and the function to buy cryptocurrency using credit cards. Big Time Game Nft
For more information about the service You can go through their FAQs to get an overview of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its type of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is available to anyone 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. However, overall, you will quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Big Time Game Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists using it to sell NFTs because of its zero gas costs and low commission fee rate you must pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year 2018. Because its system is built on blockchain technology that is secure, you can claim that your transactions are protected and secured.
In addition, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed on your account or any collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties from OpenSea?
As an artist, you will get only 10 percent of the royalties when you upload the NFT. This is believed to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as many others to accommodate many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned, there is definitely an official mobile application from OpenSea that is available for iOS as well as Android. Install it from their app store, and begin exploring the collection now!
The desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).