The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto coins. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea and also see the NFTs available to view!
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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Daily Nft Procedures
The aim to create OpenSea was to simply provide an online marketplace for artists to upload their commissions without any extra charges. There are additional features which allow you to market your art without too many difficulties.
For the registration process, you don’t have to worry about giving all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for most processes. It also functions using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains that are available, you can choose which one you want to upload your NFT on as an seller. This is to ensure the security of your NFT as well as those who wish to buy it. All transactions are made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can become a seller however, it takes some time before anyone can become an established seller.
There are a variety of NFTs of NFTs available on OpenSea and you can also be a part of this! You can create your own personal market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto market, the term “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but not exactly sure what it means. Let’s break down what an 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 can be an NFT. An NFT is a non-fungible currency that is unique and can’t be replaced. This can be a piece of rarity like rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can just imagine as an NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the ownership of the particular item you uploaded on the marketplace, and you’re offering it for sale. Typically, this is official once you fill out the proper information regarding the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mint 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 select the type of settings you’d like to use for it (e.g. blockchain, payment tokens). Once that’s all done then you’re able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about what kind of NFTs be found here, and what you could also sell if you decide to pursue that route. The kind of NFT it isn’t limited since there’s a broad range of ways to approach it.
You can be selling digital items, trading cards game assets, domain names, and some physical items! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There’s no cost for gas for using this feature to create and market NFTs. This means you’ll be able to make the highest profits once you begin selling since you don’t need to pay on any additional charges.
Not many NFT marketplaces provide this feature, which is why this is a great way to earn a high return from your collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are advantages by referring your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t have the same feature and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. Daily Nft Procedures
You can convert the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option of exchange for ETH that is the most common cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than other. Because it is based around the ETH blockchain, any wallets which are part of this network are appropriate for the site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage as well as the capability to buy cryptocurrency using the credit card. Daily Nft Procedures
To know more about it, you can check their FAQs for a rundown of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Available as mobile apps for 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 market and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- It is not possible to buy or sell items on our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the 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 Daily Nft Procedures
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online to receive cryptocurrency as a form of payment. It’s a great option for artists who want to use the platform to market NFTs due to its no gas fees and low commission fee rate you must pay.
You can browse and shop for an array of digital products on this NFT marketplace and you must take a look!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of 2018. Since its system is built on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear next to your account or any collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is considered to be quite low in comparison to other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site and 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 core cryptocurrencies you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier There is an official mobile app from OpenSea for both iOS and Android. Install it from their app store and then you can begin exploring the collection now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and get notifications about updates to 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/).