The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and discover the possibilities of 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. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Canadian Nft Template
The goal of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional costs. It has more functions that allow you to sell your art without too many issues.
For registration, you don’t need to provide all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency used on 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 to carry out the majority of processes. It also functions with the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains available, you can choose which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions are made by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist you admire. Anyone can be a seller however it takes some time before anyone can become an established one.
There are a variety of NFTs of NFTs available at OpenSea and you could join in with this! You can create your own market there, and also find NFTs you want to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it 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 can be an NFT. The NFT is a non-fungible currency which is extremely exclusive and cannot be replaced. This can be an item of rareness like mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object that you sell online. In simpler terms, you could simply think of an NFT to be a type of digital item paid via cryptocurrency only.
Minting NFTs
Minting is like calling the shots 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 is recognized once you fill out the proper information regarding the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply creating a collection to start! Fill out the proper and correct information regarding your NFT and choose what kind of settings you want for it (e.g. blockchain or money transfer tokens). After you’ve completed the process, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to determine if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT can you shop for here and what you can sell should you decide to go that route. The type of NFT it is indefinite as there’s a variety of options for how to approach it.
It is possible to sell digital items, trading cards, game assets domain names, some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the others. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you won’t have to spend on extra fees.
Very few NFT marketplaces provide this feature, which is why this is great for you to receive high profit from your NFT collection.
Referral Program
The Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can make more money from this act.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS and Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency through these platforms. Canadian Nft Template
You can swap the fiat currency you have with a the credit card, or Paypal via these reputable 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 can be described as an NFT marketplace that is open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built around the ETH blockchain, wallets with a connection to the same network are suitable for this site.
Here’s a list different crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. Canadian Nft Template
To learn more about it, you can check their FAQs to see a rundown of how you can begin 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 has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
Pros
- Mobile apps available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
Cons
- Allows royalties 10% for artists (low royalties).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed to access this marketplace.
Pricing
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Canadian Nft Template
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use it to sell NFTs because of its zero gas costs and the low commission rate that you have to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established in 2018. Since the system it operates on is built on blockchain technology that is secure, you can claim that your transactions are protected and secured.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear next to your account or any collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you will get only 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been frequently used on this site and numerous others to cater for many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned There is an official mobile application from OpenSea available for both iOS and Android. Install it from their app store, and then you can begin exploring the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and get 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/).
