The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Does OpenSea Have A Token Reddit
The aim of OpenSea was to provide an online marketplace for artists to upload commissions with no additional charges. It also has additional functions which allow you to market your work without having to deal with many difficulties.
For registration, you won’t have to worry about giving too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It is also based with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains that are available you can pick 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 using this blockchain, so you should consider 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. 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 a while before anyone can become an established one.
There’s a huge selection from the selection on OpenSea, and you can become a part of that! You can set up your own personal market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people have heard of it but not exactly sure what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible token that is unique and can’t be changed. This can be an item of any rareness, such as authentic baseball cards, or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you can sell on the internet. It is simpler to simply imagine an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You’re claiming ownership over that particular token/item you uploaded on the marketplace, and putting it up for sale. Usually, this is recognized when you have filled in the correct information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and simply create a collection! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain or payments tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe how transactions progress from now to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about which kind of NFT can be purchased here and what you can sell should you decide to go that route. The kind of NFT that you can purchase is unlimited because there’s a wide range of options for how to go about it.
You can be selling trade cards, digital goods game assets domain names, some physical items! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from other companies. There are zero gas fees when you utilize this feature to create and market NFTs. This means you’ll get the most profit when you sell because you won’t need to spend on extra fees.
Not many NFT marketplaces provide this feature, so this is a great way to make a huge profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits when you refer someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to make more money from this act.
Other NFT marketplaces don’t offer this feature This is a further advantage OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for both iOS in addition to Android. While you’re not able to buy or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency through these platforms. Does OpenSea Have A Token Reddit
You can convert the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option of converting them into ETH, which is the standard cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly on an ETH blockchain, wallets which are part of the same network are suitable for the site.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, mobile-only usage, and the function to buy cryptocurrency using credit cards. Does OpenSea Have A Token Reddit
To learn more about it to learn more, check out their FAQs for the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only up to 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.
- A Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Does OpenSea Have A Token Reddit
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use it to sell NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can shop and browse an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was established in 2018. Because its system is based on a blockchain that is secure, you can declare that transactions are protected and secured.
Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark is placed on your account or collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared against other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is widely utilized on this website and many others to accommodate more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier there’s an official mobile app by OpenSea available for both iOS and Android. You can download it through their app store, and you can start exploring the collection now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and 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/).