The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s see the possibilities of OpenSea and also see 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. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Crop King Nft
The purpose of OpenSea was to offer a platform/marketplace for artists to upload commissions without any extra costs. There are additional features that let you sell your art without too many problems.
When it comes to registration, you won’t have to provide all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency to use within 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 functions on the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains you can pick which one you want to upload your NFT on as seller. This ensures the safety of your NFT and the people who want to purchase it. All transactions will be made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to official art from an artist you admire. Anyone can become a seller however, it takes time for anyone to become a reputable one.
There is a wide variety of NFTs available at OpenSea, and you can also be a part of the collection! You can set up your own marketplace on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but not exactly sure what it actually means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible token that is very unique and can’t be replaced. This can be a piece of rarity like authentic baseball cards, or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item you’re selling online. In simpler terms, you could just consider the NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. You are calling ownership over that particular token/item that you posted to the marketplace, and you’re selling it. Usually, this becomes official when you have filled in the correct information about the NFT and finally submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and then create a collection! Input the appropriate and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain and money transfer tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from now on to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about what kind of NFTs be purchased here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT that you can purchase is indefinite as there’s a variety of options for how to do it.
You could be selling digital products, trading cards game assets, domain names, and some physical items! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from other companies. There are zero gas fees when you utilize this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, which is why this is a great way to make a huge profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets there are rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, which means you can earn more cash by this method.
Other NFT marketplaces do not have the same feature This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can convert your fiat money into cryptocurrency through these platforms. Crop King Nft
You can exchange your fiat currency using a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
All of these have the option of converting them into ETH, which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than others. Since it is built on an ETH blockchain, wallets that share this network are appropriate for the site.
Here is a list of different crypto wallets 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 one has its own set of limitations, such as easy registration, use on mobile devices only and the ability to buy cryptocurrency using a credit card. Crop King Nft
To know more about it, you can check their FAQs to see an overview of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces 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:
- Available as mobile apps for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions Crop King Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists using it to sell NFTs due to its low cost of gas and low commission fee rate you must pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded in the year 2018. Since its system is based on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
Furthermore as a seller you can become verified once you’ve earned a reputation. A blue checkmark will be assigned on your account or collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is believed to be reasonably low compared with the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as numerous others to cater for more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As mentioned before There is an official mobile application from OpenSea that is available for iOS as well as Android. Download it at their respective app store and then you can begin exploring the collection now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and receive 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/).