The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. Marketplaces are popping up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s see the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, 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 Cryptopunk Nft
The goal of OpenSea was to provide artists with a marketplace/platform to upload their commissions, without having to pay any additional costs. It has more functions that allow you to sell your art without too many issues.
In terms of registration, you don’t need 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 simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for most processes. It is also based with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains you can pick which one you want to transfer your NFT to as an seller. This will ensure the security of your NFT as well as those who would like to purchase 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 endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can sell however, it takes time before anyone can become a reputable one.
There are a variety of NFTs from the selection at OpenSea and you could become a part of this! You can start your own personal market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials are familiar with it but not exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible token which is extremely unique and can’t be replaced. This can be an item of any rarity like authentic baseball cards or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item you’re selling online. It is simpler to simply imagine an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. You are calling ownership over that particular token/item that you posted to the market place, but you’re selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and then creating a collection to start! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain and money transfer tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how transactions progress from now to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself the kind of NFTs be found here and what kind of NFTs you can also sell if you choose to go down that path. The type of NFT it isn’t limited because there’s a wide range of how you can do it.
You can be selling digital products, trading cards, game assets domain names, even physical assets! Find out what you think will bring the greatest rewards by experimenting with 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 use this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t need to spend on any additional charges.
Very few NFT marketplaces offer this feature, so this is a great way to make a huge profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits by referring your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to earn more cash by this method.
Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. You can’t buy or sell anything as you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell anything, you can still look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. Cryptopunk Nft
You can swap your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option of exchange for ETH which is the standard crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built around the ETH blockchain, any wallets which are part of the same network are suitable for this site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency with the credit card. Cryptopunk Nft
For more information about the service to learn more, check out their FAQs for the steps you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps 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.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Cryptopunk Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use for selling NFTs because of its zero gas fees and low commission fees which you are required to pay.
You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded at the end of the year of 2018. Because its system is based on a blockchain that is secure, you can declare that transactions are protected and secured.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark is placed next to your account or the collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are safe.
How do I earn royalties from OpenSea?
As an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and other sites to provide more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier There is an official mobile application from OpenSea available for both iOS as well as Android. You can download it through their app store, and you can start exploring the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts as well as 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/).