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 across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s explore the possibilities of OpenSea and also see the NFTs available to view!
Before you go on, 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Can Blu Ray Dvd Player Read Nft
The purpose for OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional costs. It also has additional functions that let you sell your work without having to deal with many issues.
When it comes to registration, you won’t have to worry about giving all of your personal details. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology 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.
With these two kinds of blockchains that are available, you can choose which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT as well as those who wish to buy it. All transactions are made using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork by an artist you admire. Anyone can sell however it takes some time for anyone to become an established one.
There is a wide variety in the collection on OpenSea and you could become a part of the collection! You can start your own personal market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it actually means. 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 buy is an NFT. An NFT is a non-fungible currency that is individual and cannot be replaced. It can be a piece of rarity like authentic baseball cards or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible item you’re selling online. In simpler terms, you could just consider the NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling the owner of the item or token that you have uploaded to the market place, but putting it up for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and simply making a collection to begin! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like for it (e.g., blockchain or payments tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from now on to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about what kind of NFTs can be purchased here and what you can sell should you decide to go down that path. The kind of NFT that you can purchase is indefinite because there’s a wide range of ways to go about it.
You could be selling digital products, trading cards, game assets, domain names, and some physical items! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from other companies. There are no gas costs for using this feature when you mint and sell NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t have to spend on additional fees.
Not many NFT marketplaces offer this feature, and it is great for you to earn a high return from your collection.
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets 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 be rewarded with 2.50 percent of the purchase amount, which allows you to make more money through this action.
Other NFT marketplaces don’t offer this feature and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. Can Blu Ray Dvd Player Read Nft
You can swap your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of converting them into ETH which is the primary crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built mainly using an ETH blockchain, all wallets that share this network are appropriate for the site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only and the ability to buy cryptocurrency using credit cards. Can Blu Ray Dvd Player Read Nft
To know more about it You can go through their FAQs to get the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- Cannot buy or sell through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Can Blu Ray Dvd Player Read Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use for selling NFTs due to its no gas fees and the low commission rate which you are required to pay.
You can browse and purchase the vast array of digital products on this NFT marketplace and you must take a look!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception in the year of 2018. Since its system is built on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear on your account or collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared against the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is widely used on this site and numerous others to cater for many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile application from OpenSea available for both iOS as well as Android. Download it at their respective app store, and begin browsing through the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications about updates to 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/).