The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s explore the possibilities of OpenSea, along with checking 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Charlie Bit Me Nft
The aim for OpenSea was to offer an online marketplace for artists to easily upload their commissions with no additional fees. It also has additional functions which allow you to market your art without too many issues.
When it comes to registration, you won’t have to give too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency used on 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 is also based on the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains that are available it is possible to choose which one you’d like to upload your NFT on as an seller. This will ensure the security of your NFT, along with those who would like to buy it. All transactions are made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to official art from an artist that you admire. Anyone can be a seller however, it takes time before anyone can become a reputable one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you could join in with this! You can set up your own market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials are familiar with it , but aren’t exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a token that is non-fungible that is very exclusive and cannot be substituted. This can be a piece of rareness, such as rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object that you can sell on the internet. More straightforwardly, you can simply consider an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re 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 after you fill in the correct information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and making a collection to begin! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain and payment tokens). After that you are able to upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from now to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself what kind of NFTs be found here and what kind of NFTs you can also sell if you choose to go down that path. The kind of NFT it can be isn’t limited since there’s a broad range of options for how to approach it.
You could be selling digital products, trading cards game assets domain names, also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from other companies. There are zero gas fees for using this feature to 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 any additional charges.
Very few NFT marketplaces provide this feature, which is why this is a great way to make a huge profit from your collection.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer advantages by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more money from this act.
Other NFT marketplaces don’t have this feature This is a further benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you, and you can trade your fiat currency for cryptocurrency through these platforms. Charlie Bit Me Nft
You can exchange the fiat currency you have with a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of them have the option of converting them into ETH that is the standard crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of crypto, wallets are still more compatible with it than others. Since it is built on the ETH blockchain, all wallets which are part of that network will be suitable for the site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using the credit card. Charlie Bit Me Nft
To know more about it to learn more, check out their FAQs to get a rundown of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Charlie Bit Me Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists using for selling NFTs due to its no gas fees and the low commission rate that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and is it safe?
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 built on a blockchain, it is safe to declare that transactions are safe and secure.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned on your account or collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as other sites to provide more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned there’s an official mobile app from OpenSea for both iOS as well as Android. Install it from their app store and then you can begin browsing through the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and get 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/).