Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Did Nf Die
The aim to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional costs. There are additional features that let you sell your work without having to deal with many difficulties.
When it comes to the registration process, you don’t have to give all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It also operates using the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains that are available you can pick which one you’d like to upload your NFT on as an seller. This ensures the safety of your NFT as well as those who would like to purchase it. All transactions are made along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to official art by an artist you admire. Anyone can be a seller, but it takes time for anyone to become an established seller.
There’s a huge selection from the selection of NFTs available at OpenSea and you could also be a part of this! You can start your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible currency which is extremely individual and cannot be replaced. It can be an item of rareness, such as mint-condition baseball trading cards or unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible item that you sell online. More straightforwardly, you can simply imagine an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You are calling the ownership of the particular item that you posted to the marketplace, and selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and making a collection to begin! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain, payment tokens). After that you are able to upload it, if it’s within the limit of 100MB.
You can watch and see how the transactions go from now to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering what kind of NFTs be purchased here and what you can also sell if you decide to pursue that route. The kind of NFT it isn’t limited because there’s a wide range of options for how to do it.
It is possible to sell digital items, trading cards game assets, domain names, and also physical goods! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from other companies. There’s no cost for gas for using this feature when you make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to make a huge profit from your portfolio.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets that offer advantages when you refer your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps of OpenSea are available for both iOS as well as Android. While you’re not able to buy or sell things, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to trade your fiat currency for cryptocurrency through these platforms. Did Nf Die
You can exchange your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option to exchange for ETH which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based on an ETH blockchain, all wallets that share this network are appropriate for this website.
Here’s a list several crypto wallets which you can use with 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, such as easy registration, only mobile usage, and the function to purchase cryptocurrency using a credit card. Did Nf Die
For more information about the service to learn more, check out their FAQs to see the steps you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% for artists (low royalties).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Did Nf Die
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online to receive cryptocurrency as a form of payment. It’s a great platform for artists who use the platform to market NFTs due to its low cost of gas and low commission fees you must pay.
You can shop and browse the vast array of digital products on this NFT marketplace and you must go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception in the year 2018. Because its system is built on blockchain technology and is secured, it is safe to declare that transactions are protected and secured.
Furthermore as a seller you will be verified after you build up your reputation. A blue checkmark will appear next to your account or collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you can get only 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is frequently used on this site and many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As mentioned before, there is definitely an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store and then you can begin exploring the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to 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/).