The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It has become one of the largest 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 what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Dance-Hall Troops Volume Ii Nft
The purpose to create OpenSea was to offer artists with a marketplace/platform to upload commissions, without having to pay any additional costs. There are additional features that let you sell your work without having to deal with many issues.
In terms of the registration process, you don’t have to worry about giving any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also functions with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains available, you can choose which one you want to transfer your NFT to as seller. This is to ensure the security of your NFT as well as those who would like to buy it. All transactions will be made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist that you admire. Anyone can be a seller however, it takes time for anyone to be a reputable one.
There are a variety of NFTs from the selection on OpenSea and you can join in with that! You can create your own marketplace there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto market, the term “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token that is very exclusive and cannot be substituted. It can be an item of rarity like mint-condition baseball trading cards or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you can sell online. More straightforwardly, you can simply consider as an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You’re claiming ownership over that particular token/item you uploaded on the marketplace, and selling it. Usually, this is recognized once you fill out all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and then creating a collection to start! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain and payments tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from now on to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering the kind of NFTs be found here and what kind of NFTs you can also sell if you choose to go that route. The kind of NFT it can be is indefinite as there’s a variety of how you can do it.
You could be selling digital products, trading cards games, domain names, and even physical assets! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the other options. There are zero gas fees when you use this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you start selling because you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, which is why this is a great way to receive high profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets, you can receive rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to convert your fiat money into cryptocurrency using these platforms. Dance-Hall Troops Volume Ii Nft
You can convert your fiat currency using a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
All of them have the option of converting them into ETH, which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based using an ETH blockchain, all wallets which are part of this network are appropriate for the site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency using credit cards. Dance-Hall Troops Volume Ii Nft
For more information about the service to learn more, check out their FAQs to get an overview of how you can begin 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. It is possible to read about its pros and cons here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% to artists (low royalties).
- You cannot buy or sell products through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Dance-Hall Troops Volume Ii Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online and receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs because of its zero cost of gas and low commission fees you must pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception in the year 2018. Since its system is built on a blockchain that is secure, you can claim that your transactions are protected and secured.
In addition, 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 anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties on OpenSea?
As an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared with others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been frequently used on this site and numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea available for both iOS or Android. Download it at their respective app store and then you can begin browsing through the collection right now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts as well as receive notifications on updates regarding 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/).