The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto currency. Markets have popped up all over the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea and also see 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Crop King Nft Channels
The purpose of OpenSea was to offer an online marketplace for artists to easily upload their commissions without any extra charges. It has more functions that let you sell your artwork without any problems.
In terms of the registration process, you don’t have to provide too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It also operates on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains available you can pick which one you’d like to upload your NFT on as seller. This is to ensure the security of your NFT and those who wish to buy it. All transactions are made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist you admire. Anyone can sell, but it takes some time for anyone to become a reputable one.
There’s a huge selection from the selection on OpenSea and you can become a part of the collection! You can start your own market here, along with finding NFTs you’d like to buy yourself.
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 for so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible token that is very individual and cannot be substituted. This can be a piece of rareness, such as mint-condition baseball trading cards or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you can sell online. In simpler terms, you could simply consider the NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and putting it up for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and then creating a collection to start! Complete the correct and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain and payment tokens). After you’ve completed the process, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe how transactions progress 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 the kind of NFTs be found here, and what you could also sell if you decide to go that route. The kind of NFT that you can purchase is indefinite since there’s a broad range of options for how to do it.
You can be selling trade cards, digital goods games, domain names, and also physical goods! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the others. There are zero gas fees when you use this feature to mint and sell NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on any additional charges.
Not many NFT marketplaces provide this feature, and it is great for you to make a huge profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of 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 on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency on these platforms. Crop King Nft Channels
You can swap the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
All of them have the option of exchange for ETH that is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based using an ETH blockchain, wallets which are part of the same network are suitable for the site.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency with credit cards. Crop King Nft Channels
For more information about the service, you can check their FAQs to see an overview of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Crop King Nft Channels
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online to receive cryptocurrency as a form of payment. It’s a great platform for artists who use it to sell 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 items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of the year 2018. Because its system is based on a blockchain, it is safe to say that your transactions are protected and secured.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will appear next to your account or any collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you can receive only up to 10% of the royalties once you upload the NFT. This is considered to be reasonably low compared against other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is commonly used on this site as well as numerous others to cater for the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier There is an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store and begin 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 get 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/).