The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s see the possibilities of OpenSea and also see the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Does OpenSea Use Ipfs
The aim to create OpenSea was to provide an online marketplace for artists to upload their commissions without any extra fees. It also has additional functions that allow you to sell your artwork without any problems.
For registration, you don’t need to worry about giving all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains that are available you can pick which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions are made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade 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 you admire. Anyone can sell however, it takes time before anyone can become an established one.
There are a variety of NFTs in the collection at OpenSea and you can join in with the collection! You can set up your own market on this site, as well as find NFTs you’d like to buy for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials have heard of it but not exactly sure what it actually means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency that is very individual and cannot be changed. It could be a piece of rareness like authentic baseball cards, or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible item that you sell on the internet. More straightforwardly, you can simply imagine as an NFT as a digital item that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling the shots for your personal NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and offering it for sale. Usually, this becomes official after you fill in the correct information about the NFT and then add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and simply create a collection! Fill out the proper and complete information about your NFT and choose what kind of settings you want for it (e.g., blockchain or money transfer tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from now to see if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
So, at this point you’re probably thinking about the kind of NFTs you shop for here, and what you could sell should you decide to pursue that route. The kind of NFT it can be is unlimited since there’s a broad range of options for how to approach it.
It is possible to sell digital products, trading cards, game assets domain names, some physical items! Find out what you think will bring the greatest rewards 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 for using this feature to make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you don’t need to pay on any additional charges.
Very few NFT marketplaces provide this feature, and it is a great way to make a huge profit from your NFT collection.
Referral Program
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits when you refer your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, which means you can earn more money from this act.
Other NFT marketplaces do not 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 is an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. Even though you can’t buy or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency on these platforms. Does OpenSea Use Ipfs
You can exchange the fiat currency you have with a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
Each of them has the option to exchange for ETH that is the primary crypto payment in OpenSea.
Crypto Wallets
Although OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built around an ETH blockchain, all wallets which are part of that network will be suitable for the site.
Here’s a list different 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 one has its own set of limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with a credit card. Does OpenSea Use Ipfs
To learn more about it You can go through their FAQs to see a rundown of how you can get started 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 each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
Pros
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
Cons
- Allows royalties 10% to artists (low royalty rates).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto wallet is required to use this marketplace.
Pricing
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Does OpenSea Use Ipfs
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its low gas costs and low commission fees that you have to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Since the system it operates on is built on blockchain technology, it is safe to declare that transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will appear on your account or any collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are secure.
How do I earn royalties from OpenSea?
As an artist, you can be paid only 10% of the royalties once you upload the NFT. This is considered to be a reasonable amount compared with other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be widely utilized on this website and numerous others to cater for many more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As mentioned before There is an official mobile app from OpenSea for both iOS and Android. Download it at their respective app store and begin exploring the collection now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app, you can 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/).
