Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up all over the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out 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 of OpenSea.
OpenSea as an NFT Marketplace Colorstar Technology Nft
The goal for OpenSea was to offer a platform/marketplace for artists to upload their commissions without any extra costs. There are additional features that allow you to sell your artwork without any problems.
When it comes to registration, you won’t have to provide all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It also operates on the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains that are available, you can choose which one you’d like to upload your NFT on as a seller. This ensures the safety of your NFT, along with those who wish to buy it. Every transaction will be conducted using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist that you admire. Anyone can sell, but it takes some time for anyone to be an established one.
There’s a huge selection from the selection at OpenSea, and you can become a part of this! You can start your own marketplace here, along with finding NFTs that you would like to purchase 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 internet that the majority of young people are familiar with it , but not exactly sure what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. The NFT is a token that is non-fungible that is very exclusive and cannot be replaced. It can be an item of rareness, such as rare baseball trading cards in mint condition, or a unique vinyl album.
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 imagine the NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. It is a way of claiming the owner of the item or token that you posted to the marketplace, and you’re putting it up for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and simply making a collection to begin! Complete the correct and accurate information about your NFT and select the type of settings you’d like for it (e.g. blockchain and money transfer tokens). After that then you’re able to upload it to the internet if it’s in 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 marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself which kind of NFT can be purchased here, and what you could also sell if you decide to go down that path. The kind of NFT it is indefinite as there’s a variety of ways to go about it.
It is possible to sell digital items, trading cards games, domain names, and also physical goods! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from other companies. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you sell because you won’t have to spend on additional fees.
Very few NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which means you can earn more money from this act.
Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to convert your fiat money into cryptocurrency using these platforms. Colorstar Technology Nft
You can convert the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
All of them have the option to exchange for ETH that is the standard cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than other. Since it is built mainly around the ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage, and the function to purchase cryptocurrency with the credit card. Colorstar Technology Nft
For more information about the service You can go through their FAQs to see the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps for 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 world and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- You cannot buy or sell products on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Colorstar Technology Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists who use for selling NFTs due to its low gas fees and low commission fees that you have to pay.
You can shop and browse an array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in 2018. Since its system is built on blockchain technology that is secure, you can say that your transactions are safe and secure.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear to your account or any collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison with the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as many others to accommodate the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier There is an official mobile app from OpenSea for both iOS or Android. Download it at their respective app store, and begin exploring the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and receive alerts on any updates that affect your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).