Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s explore what you can do with 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Difference Between Nft And Defi
The purpose to create OpenSea was to provide a platform/marketplace for artists to upload commissions, without having to pay any additional charges. There are additional features that allow you to sell your artwork without any problems.
In terms of the registration process, you don’t have to give any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for the majority of transactions. It is also based using the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains that are available it is possible to choose which one you want to publish your NFT as an seller. This is to ensure the security of your NFT and those who would like to buy it. All transactions will be made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name, to a piece of art by an artist you admire. Anyone can be a seller however it takes a while before anyone can become a reputable one.
There’s a huge selection of NFTs available at OpenSea and you could become a part of this! You can set up your own market here, along with finding NFTs you want to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto industry, the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can buy includes an NFT. An NFT is a token that is non-fungible that is unique and can’t be changed. It can be a piece of rarity like authentic baseball cards, or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could simply consider as an NFT as a digital collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling the shots on your own NFTs. It is a way of claiming the ownership of the particular item that you posted to the market place, but putting it up for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and then making a collection to begin! Complete the correct and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g., blockchain and payments tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how transactions progress from now to determine if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
So, at this point you’re probably asking yourself what kind of NFTs be found here, and what you could sell should you decide to pursue that route. The type of NFT it can be isn’t limited because there’s a wide range of how you can go about it.
You can be selling trade cards, digital goods games, domain names, and some physical items! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the other options. There are zero gas fees for using this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you sell because you won’t need to spend on additional fees.
Very few NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your collection.
Referral Program
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can earn more money by this method.
Other NFT marketplaces don’t have this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps of OpenSea are available for both iOS in addition to Android. Even though you can’t buy or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. Difference Between Nft And Defi
You can convert your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
All of them have the option to exchange for ETH that is the most common cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built around the ETH blockchain, wallets that share this network are appropriate for the site.
Here is a list of several crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only, and the function to buy cryptocurrency using credit cards. Difference Between Nft And Defi
For more information about the service You can go through their FAQs for an overview of how you can start and also what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
Pros
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
Cons
- Allows royalties 10% for artists (low royalties).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used for this marketplace.
Pricing
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Difference Between Nft And Defi
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online to receive cryptocurrency as a method of payment. It’s an ideal platform for artists who use it to sell NFTs because of its zero gas costs and the low commission rate you must pay.
You can browse and purchase the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & safe?
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 declare that transactions are secure and safe.
Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear on your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is believed to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is commonly used on this site as well as other sites to provide the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before there’s an official mobile application from OpenSea for both iOS as well as Android. You can download it through their app store and then you can begin browsing through the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive notifications on updates regarding 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/).
