The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto currency. Markets have popped up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth a look.
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 most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Can Nfts Be Sold
The goal for OpenSea was to offer artists with a marketplace/platform to easily upload their commissions, without having to pay any additional charges. 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 any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It is also based on the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains it is possible to choose which one you’d like to publish your NFT as a seller. This is to ensure the security of your NFT and those who would like to buy it. Every transaction will be conducted along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to official art from an artist that 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 of NFTs available at OpenSea, and you can join in with the collection! You can set up your own marketplace there, and also find NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto market”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 not 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 newest things you can buy is an NFT. An NFT is a non-fungible currency which is extremely unique and can’t be changed. This can be a piece of rareness like authentic baseball cards or uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you sell online. It is simpler to just think of as an NFT being a virtual item paid via cryptocurrency only.
Minting NFTs
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but you’re putting it up for sale. Usually, this becomes official when you have filled in the proper information regarding 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 then creating a collection to start! Complete the correct and accurate information about your NFT and then select what type of settings you’d like for it (e.g., blockchain, money transfer tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from here on out to see if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
So, at this point you’re probably asking yourself what kind of NFTs can you shop for here and what you can sell should you decide to go down that path. The kind of NFT it is unlimited because there’s a wide range of ways to approach it.
You could be selling digital products, trading cards, game assets, domain names, and also physical goods! 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 separates OpenSea from other companies. There are zero gas fees for using this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t need to spend on additional fees.
There aren’t many NFT marketplaces have this feature, which is why this is a great way to earn a high return from your portfolio.
Referral Program
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which means you can make more money from this act.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency using these platforms. Can Nfts Be Sold
You can convert the fiat currency you have with a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
All of them have the option of exchange for ETH, which is the standard crypto payment in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based using an ETH blockchain, all wallets which are part of that network will be suitable for this site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency with a credit card. Can Nfts Be Sold
To learn more about it to learn more, check out their FAQs to see a rundown of how you can get started and also what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
Pros
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
Cons
- Allows royalty rates of up to 10% for artists (low royalty).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required for this marketplace.
Pricing
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are 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 are actively selling since there is no additional fee for it.
Frequently Asked Questions Can Nfts Be Sold
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use for selling NFTs because of its zero gas costs and low commission fee rate you must pay.
You can browse and shop for the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year of 2018. Since the system it operates on is based on a blockchain, it is safe to declare that transactions are safe and secure.
Additionally, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark is placed on your account or any collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison to other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is frequently utilized on this website and many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can use to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier There is an official mobile application from OpenSea that is available for iOS as well as Android. Install it from their app store, and then you can begin browsing through the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts as well as 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/).
