Cryptocurrency is booming 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 purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and let’s explore the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you go on, 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 E Nft Platform
The aim to create OpenSea was to simply provide a platform/marketplace for artists to upload their commissions, without having to pay any additional costs. It also has additional functions which allow you to market your art without too many difficulties.
When it comes to registration, you don’t need to worry about giving too many details about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for most processes. It is also based using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains that are available you can pick which one you’d like to publish your NFT as a seller. This ensures the safety of your NFT, along with those who would like to purchase it. Every transaction will be conducted using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist you admire. Anyone can be a seller however it takes time before anyone can become an established one.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea, and you can join in with the collection! You can start your own personal market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto market the term “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 is. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible token that is very individual and cannot be changed. It could be an item of any rareness, such as mint-condition baseball trading cards or rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item you’re selling on the internet. It is simpler to simply think of the NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token that you posted to the market place, but putting it up for sale. Usually, this becomes official when you have filled in the correct information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use it with (e.g., blockchain or payment tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering what kind of NFTs be purchased here, and what you could also sell if you decide to pursue that route. The kind of NFT that you can purchase is indefinite as there’s a variety of how you can approach it.
You could be selling digital items, trading cards games domain names, even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the others. There’s no cost for gas when you use this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t need to spend on extra fees.
Not many NFT marketplaces have this feature, so this can be a fantastic way to make a huge profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are rewards by referring your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more money through this action.
Other NFT marketplaces do not have the same feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS and Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal to convert your fiat money into cryptocurrency using these platforms. E Nft Platform
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
All of these have the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than others. Since it is built on an ETH blockchain, wallets that share this network are appropriate for the site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with a credit card. E Nft Platform
To know more about it, you can check their FAQs to get a rundown of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available that are compatible with 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 world and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions E Nft Platform
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to market their work online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists using for selling NFTs due to its low cost of gas and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace and you must take a look!
Is OpenSea real and safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year of 2018. Because its system is built on blockchain technology, it is safe to declare that transactions are secure and safe.
Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared to the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been widely used on this site as well as other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before, there is definitely an official mobile app by OpenSea available for both iOS as well as Android. You can download it through their app store, and begin browsing through the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).