Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s explore 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 review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Ebay Nft Channels
The purpose of OpenSea was to offer an online marketplace for artists to upload commissions without any extra fees. It also has additional functions that let you sell your artwork without any problems.
In terms of registration, you don’t need to worry about giving all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It also operates on the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains you can pick which one you’d like to upload your NFT on as a seller. This ensures the safety of your NFT as well as those who would like to purchase it. Every transaction will be conducted by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name, to a piece of art by an artist you admire. Anyone can become a seller however, it takes some time before anyone can become a reputable one.
There are a variety of NFTs of NFTs available on OpenSea, and you can also be a part of the collection! You can start your own market there, and also find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the cryptocurrency industry the term “NFT” has been going around for so long on internet that many millennials are familiar with it , but not exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible token that is unique and can’t be replaced. This can be an item of rareness like mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. In simpler terms, you could just imagine an NFT as a digital collectible paid via cryptocurrency only.
Minting NFTs
Minting is like calling the shots to your NFTs. You are calling ownership over that particular token/item you uploaded on the marketplace, and selling it. Typically, this is official once you fill out the correct information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and simply creating a collection to start! Complete the correct and accurate information about your NFT and then select what type of settings you’d like for it (e.g., blockchain, payments tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how the transactions go from now to determine if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
At this point, you’re probably wondering which kind of NFT can be found here, and what you could also sell if you choose to pursue that route. The kind of NFT it can be isn’t limited because there’s a wide range of options for how to approach it.
You could be selling trade cards, digital goods, game assets domain names, also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from other companies. There are no gas costs for using this feature to create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t need to spend on any additional charges.
Very few NFT marketplaces offer this feature, which is why this is a great way to make a huge profit from your portfolio.
Referral Program
The 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 invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to earn more cash from this act.
Other NFT marketplaces do not have the same 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 app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use to convert your fiat money into cryptocurrency on these platforms. Ebay Nft Channels
You can convert the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
All of these have the option to exchange for ETH, which is the primary crypto payment in OpenSea.
Crypto Wallets
Although OpenSea is an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than others. Since it is built around an ETH blockchain, any wallets that share that network will be suitable for this site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency using a credit card. Ebay Nft Channels
To know more about it to learn more, check out their FAQs to get an overview of how you can start and which other wallets are compatible 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 pros here:
Pros
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
Cons
- Allows royalties up to 10% for artists (low royalty rates).
- You cannot buy or sell products through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used for this marketplace.
Pricing
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Ebay Nft Channels
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 method of payment. It’s an ideal platform for artists using it to sell NFTs because of its zero cost of gas and the low commission rate you must pay.
You can browse and purchase an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year of 2018. Since its system is built on blockchain technology that is secure, you can say that your transactions are protected and secured.
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 uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you can receive only up to 10% of the royalties once you upload the NFT. This is considered to be a reasonable amount compared against others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is commonly 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 core cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile app by OpenSea for both iOS or Android. Download it at their respective app store and begin exploring the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and get alerts on any updates that affect 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/).
