The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. Marketplaces are popping up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Coin Nft
The purpose of OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional fees. It also has additional functions that let you sell your work without having to deal with many difficulties.
In terms of registration, you won’t have to give all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It also functions with the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains available, you can choose which one you would like to transfer your NFT to as a seller. This will ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist that you admire. Anyone can become a seller, but it takes some time for anyone to become a reputable one.
There’s a huge selection of NFTs available at OpenSea and you can join in with that! You can set up your own personal market here, along with finding NFTs that you would like to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t sure exactly 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 purchase your cryptocurrency can be an NFT. The NFT is a non-fungible token that is very unique and can’t be changed. This can be an item of any rarity like rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could simply think of an NFT being a virtual item that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs on your own NFTs. You are calling ownership over that particular token/item that you posted to the market place, but offering it for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and then add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and creating a collection to start! Input the appropriate 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 and payment tokens). Once that’s all done you are 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 to see whether OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
At this point you’re probably asking yourself the kind of NFTs you shop for here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT it isn’t limited because there’s a wide range of how you can go about it.
It is possible to sell digital products, trading cards game assets domain names, even physical assets! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the other options. There’s no cost for gas when you utilize this feature to create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t have to spend on additional fees.
Not many NFT marketplaces have this feature, and it is a great way to make a huge profit from your NFT collection.
Referral Program
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are benefits by referring your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can trade your fiat currency for cryptocurrency through these platforms. Coin Nft
You can swap your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and other things!
All of them have the option of converting them into ETH that is the most common cryptocurrency payment option in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly around an ETH blockchain, wallets which are part of that network will be suitable for the site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with credit cards. Coin Nft
To learn more about it You can go through their FAQs to see a rundown of how you can start and which other wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
Pros
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
Cons
- Allows royalties of only 10% to artists (low royalties).
- You cannot buy or sell products on our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed for this marketplace.
Pricing
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Coin Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists who use for selling NFTs due to its low gas costs and low commission fee rate which you are required to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded in the year 2018. Because its system is built on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as other sites to provide more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can use to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile application from OpenSea available for both iOS or Android. You can download it through their app store, and you can start browsing through the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
