The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. Marketplaces are popping up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re interested in crypto 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 safety and speedy transactions.
So, hop on board and let’s explore the possibilities of OpenSea as well as examining 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Eminem Nft Drop
The aim to create OpenSea was to simply provide an online marketplace for artists to easily upload their commissions without any extra fees. It has more functions which allow you to market your artwork without any difficulties.
For the registration process, you don’t have to provide 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, without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It also functions on the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains it is possible to choose which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT and the people who want to purchase it. All transactions will be 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 where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to official art from an artist that you admire. Anyone can become a seller, but it takes time for anyone to become an established seller.
There are a variety of NFTs from the selection on OpenSea and you can also be a part of that! You can start your own personal market here, along with finding NFTs that you would like to purchase for 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 a lot of millennials have heard of it but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible token that is individual and cannot be substituted. It can be a piece of rareness like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can just think of as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You are calling ownership over that particular token/item that you posted to the market place, but putting it up for sale. Usually, this is recognized once you fill out the correct information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and create a collection! Complete the correct and complete information about your NFT and select the type of settings you’d like to use for it (e.g. blockchain, money transfer tokens). After that you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled from here on out to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about what kind of NFTs you shop for here and what you can also sell if you choose to pursue that route. The type of NFT it is indefinite since there’s a broad range of how you can do it.
It is possible to sell digital products, trading cards game assets, domain names, and even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the other options. There are zero gas fees for using this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more cash from this act.
Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency on these platforms. Eminem Nft Drop
You can convert the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
All of them have the option to exchange for ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are still more compatible with it than other. Since it is built on an ETH blockchain, wallets with a connection to that network will be suitable for the site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency using a credit card. Eminem Nft Drop
To learn more about it to learn more, check out their FAQs to see a rundown of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS and 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 world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- Cannot buy or sell on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto account is needed for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Eminem Nft Drop
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists using for selling NFTs due to its low gas fees and low commission fee rate which you are required to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Since its system is built on blockchain technology and is secured, 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 to your account or collection you uploaded to reassure any 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 be paid only 10 percent of the royalties when you upload the NFT. This is believed to be quite low in comparison with other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is commonly used on this site and many others to accommodate many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned, there is definitely an official mobile app by OpenSea for both iOS and Android. Download it at their respective app store and then you can begin 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 alerts on any updates that affect your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).