The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto currency. Markets have popped up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency, 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 security and rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Costco – Nft Washington Dc
The aim of OpenSea was to simply provide an online marketplace for artists to upload their commissions without any extra costs. It also has additional functions which allow you to market your art without too many problems.
In terms of the registration process, you don’t have to provide all of your personal details. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It is also based on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains that are available, you can choose which one you want to publish your NFT as seller. This will ensure the security of your NFT, along with those who wish to buy it. All transactions are made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist you admire. Anyone can sell however it takes time for anyone to be a reputable one.
There is a wide variety in the collection on OpenSea and you can become a part of this! You can set up your own market there, and also find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it is. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible token that is individual and cannot be changed. It can be an item of any rareness, such as authentic baseball cards, or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing that you sell online. More straightforwardly, you can just imagine the NFT as a digital collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs for your personal NFTs. You are calling the owner of the item or token that you have uploaded to the marketplace, and selling it. Usually, this becomes official once you fill out the correct information about the NFT and add it on the market.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and create a collection! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like to use for it (e.g. blockchain, payments tokens). After that you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see how transactions progress from now on to determine if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
At this point you’re probably asking yourself what kind of NFTs be purchased here, and what you could also sell if you decide to go down that path. The kind of NFT it can be isn’t limited as there’s a variety of options for how to go about it.
You can be selling trade cards, digital goods games domain names, also physical goods! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the others. There’s no cost for gas when you use this feature when you make and then sell the 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 extra fees.
Very few NFT marketplaces provide this feature, which is why this is great for you to earn a high return from your collection.
Referral Program
A Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer benefits by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to earn more cash by this method.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use to exchange your fiat money for cryptocurrency using these platforms. Costco – Nft Washington Dc
You can convert your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and more!
Each of them has the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are still more compatible with it than others. Because it is based on the ETH blockchain, wallets which are part of the same network are suitable for the 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: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only, and the function to buy cryptocurrency using credit cards. Costco – Nft Washington Dc
For more information about the service to learn more, check out their FAQs for a rundown of how you can start and which other wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
Pros
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
Cons
- Allows royalties 10% to artists (low royalties).
- It is not possible to buy or sell items on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto account is needed to use this marketplace.
Pricing
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Costco – Nft Washington Dc
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform for selling their artwork online to receive cryptocurrency as their form of payment. It’s a great platform for artists who use for selling NFTs due to its low cost of gas and low commission fees you must pay.
You can shop and browse the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year 2018. Because its system is built on a blockchain that is secure, you can claim that your transactions are protected and secured.
In addition as a seller you will be verified after you build up your reputation. A blue checkmark will appear on your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is believed to be reasonably low compared to other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is frequently used on this site as well as other sites to provide more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea available for both iOS and Android. You can download it through their app store, and you can start exploring the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts and 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/).
