Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up across the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and discover what you can do with 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Crossfit Nft
The aim of OpenSea was to simply provide artists with a marketplace/platform to upload their commissions with no additional charges. There are additional features that let you sell your artwork without any difficulties.
In terms of the registration process, you don’t have to provide any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for most processes. It is also based on the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains you can pick which one you would like to transfer your NFT to as a seller. This ensures the safety of your NFT, along with the people who want to buy it. All transactions are made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless 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 that you admire. Anyone can become a seller, but it takes some time for anyone to be a reputable one.
There’s a huge selection of NFTs available at OpenSea and you could become a part of the collection! You can start your own marketplace there, and also find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t sure exactly what it is. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. The NFT is a token that is non-fungible that is very individual and cannot be substituted. It could be a piece of rareness like authentic baseball cards or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item that you can sell online. In simpler terms, you could simply think of an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and offering it for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and simply create a collection! Fill out the proper and accurate information about your NFT and select the type of settings you’d like for it (e.g. blockchain or money transfer tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how the transactions go from here on out to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself what kind of NFTs be found here, and what you could also sell if you decide to go that route. The kind of NFT it isn’t limited because there’s a wide range of ways to approach it.
You can be selling trade cards, digital goods games, domain names, and even physical assets! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from the others. There’s no cost for gas for using this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you sell because you don’t need to pay on extra fees.
There aren’t many NFT marketplaces provide this feature, so this is a great way to earn a high return from your collection.
The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer benefits when you refer a friend to OpenSea! If you encourage a friend 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 cash from this act.
Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency on these platforms. Crossfit Nft
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
All of these have the option of exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built around an ETH blockchain, wallets that share that network will be suitable for this website.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency with the credit card. Crossfit Nft
To know more about it You can go through their FAQs for an overview of how you can get started and which other wallets are compatible 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 cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Crossfit Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to sell their works online to receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its no gas costs and low commission fees that you have to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was established in 2018. Since its system is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed on your account or any collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure that users are secure.
How do I earn royalties from OpenSea?
As an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be quite low in comparison with other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier there’s an official mobile app by OpenSea for both iOS or Android. Download it at their respective app store, and you can start exploring the collection now!
The desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to 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/).