Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, you may want to check out 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 Deep Nft Channel
The purpose to create OpenSea was to simply provide a platform/marketplace for artists to upload commissions, without having to pay any additional fees. It also has additional functions that let you sell your work without having to deal with many difficulties.
In terms of the registration process, you don’t have to give any personal information about yourself. 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 much hassle as you step into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for most processes. It is also based using the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains that are available you can pick which one you’d like to upload your NFT on as an seller. This is to ensure the security of your NFT, along with those who wish to buy it. Every transaction will be conducted by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can be a seller however, it takes a while for anyone to become an established one.
There are a variety of NFTs of NFTs available on OpenSea and you can become a part of the collection! You can start your own market there, and also find NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people have heard of it but aren’t sure exactly what it actually 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 new things you can buy can be an NFT. A NFT is a non-fungible token that is exclusive and cannot be substituted. It can be a piece of rarity like mint-condition baseball trading cards or unique vinyl album.
There’s 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 an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs on your own NFTs. You are calling ownership over that particular token/item you uploaded on the marketplace, and offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and creating a collection to start! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like for it (e.g. blockchain, payment tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe the way transactions are handled from now on to see if OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
In this moment you’re probably thinking about the kind of NFTs be purchased here and what you can also sell if you choose to go down that path. The kind of NFT that you can purchase is indefinite as there’s a variety of ways to do it.
You could be selling trade cards, digital goods, game assets domain names, even physical assets! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the other options. There are zero gas fees when you utilize this feature when you create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces offer this feature, and it is great for you to earn a high return from your NFT collection.
Referral Program
A Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces there are benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces don’t offer this feature and that’s another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to trade your fiat currency for cryptocurrency on these platforms. Deep Nft Channel
You can convert your fiat currency using a credit card or Paypal via these reputable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
All of them have the option to exchange for ETH which is the most common crypto payment in OpenSea.
Crypto Wallets
While OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are still more compatible with it than others. Since it is built mainly on the ETH blockchain, any wallets with a connection to this network are appropriate for this site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. Deep Nft Channel
To learn more about it You can go through their FAQs to see the steps you can start and what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
Pros
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
Cons
- Allows royalties of only up to 10% for artists (low royalties).
- You cannot buy or sell products on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used for this marketplace.
Pricing
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions 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 Deep Nft Channel
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs due to its no gas fees and the low commission rate you must pay.
You can shop and browse an array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year of 2018. Because its system is based on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are protected.
How do I earn royalties from OpenSea?
As an artist, you can receive only up to 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared to others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be widely used on this site as well as many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before, there is definitely an official mobile app from OpenSea for both iOS as well as Android. Download it at their respective app store, and begin exploring the collection now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, 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/).
