Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Elon Musk Nft
The goal to create OpenSea was to provide artists with a marketplace/platform to upload their commissions with no additional fees. There are additional features which allow you to market your work without having to deal with many difficulties.
For registration, you won’t have to worry about giving all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also operates with the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains it is possible to choose which one you want to upload your NFT on as seller. This ensures the safety of your NFT and the people who want to buy it. All transactions will be made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s 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 that you admire. Anyone can become a seller however it takes a while for anyone to be an established one.
There’s a huge selection from the selection at OpenSea and you can also be a part of this! You can start your own market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t exactly sure what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy is an NFT. An NFT is a non-fungible token that is very exclusive and cannot be substituted. It can be a piece of rareness, such as rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could simply consider the NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You’re claiming the ownership of the particular item you uploaded on the market place, but you’re offering it for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and simply making a collection to begin! Fill out the proper and correct information regarding your NFT and select the type of settings you want to use it with (e.g. blockchain, payments tokens). After that you are able to upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from here on out to determine if OpenSea is the marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about which kind of NFT be purchased here and what you can also sell if you choose to go down that path. The kind of NFT it isn’t limited since there’s a broad range of how you can go about it.
It is possible to sell digital products, trading cards game assets, domain names, and some physical items! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs when you use this feature to make and then sell the NFTs. This means you’ll get the most profit when you start selling because you don’t need to pay on any additional charges.
Very few NFT marketplaces offer this feature, which is why this is great for you to make a huge profit from your collection.
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer benefits by referring someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which allows you to make more money by this method.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency on these platforms. Elon Musk Nft
You can convert your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and other things!
Each of them has the option of exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly on an ETH blockchain, all wallets that share the same network are suitable for the site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only as well as the capability to buy cryptocurrency using the credit card. Elon Musk Nft
To know more about it to learn more, check out their FAQs for the steps you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Elon Musk Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use for selling NFTs due to its no gas fees and the low commission rate you must pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded in the year of 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
In addition as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned on your account or collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you can get only 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before, there is definitely an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store and begin exploring the collection now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and get 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/).