The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up all over the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea, along with checking 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Eos Nft
The purpose for OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional costs. It has more functions that let you sell your artwork without any difficulties.
When it comes to the registration process, you don’t have to give too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also operates using 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 publish your NFT as seller. This is to ensure the security of your NFT and those who wish to purchase it. All transactions are made by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist you admire. Anyone can sell however, it takes a while for anyone to be an established seller.
There’s a huge selection in the collection at OpenSea and you can become a part of that! You can create your own market on this site, as well as find NFTs that you would like to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. This can be an item of rarity like authentic baseball cards, or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object you’re selling on the internet. In simpler terms, you could simply think of an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the owner of the item or token you uploaded on the market place, but selling it. Usually, this is recognized after you fill in the proper information regarding the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and making a collection to begin! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain, payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from now to determine whether OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
So, at this point you’re probably asking yourself the kind of NFTs you shop for here and what you can sell should you decide to go down that path. The kind of NFT that you can purchase is unlimited since there’s a broad range of ways to go about it.
You could be selling digital items, trading cards game assets, domain names, and even physical assets! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees for using this feature when you make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces have this feature, and it is great for you to make a huge profit from your NFT collection.
Referral Program
A Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive advantages when you refer a 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% of the sale amount, which means you can earn more money by this method.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for both iOS as well as Android. Even though you can’t buy or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency through these platforms. Eos Nft
You can exchange your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and other things!
All of these have the option of exchange for ETH which is the standard crypto payment in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based using the ETH blockchain, wallets that share the same network are suitable for this site.
Here is a list of various crypto wallets that you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage as well as the capability to purchase cryptocurrency using credit cards. Eos Nft
To know more about it You can go through their FAQs to get the steps you can begin and also what other crypto 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 disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
Pros
- Mobile apps are available that are compatible with iOS or 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 market and NFTs.
Cons
- Allows royalties 10% for artists (low royalty rates).
- You cannot buy or sell products on the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto account is needed for this marketplace.
Pricing
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Eos Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online to receive cryptocurrency as a form of payment. It’s a great platform for artists who use it to sell NFTs because of its zero cost of gas and low commission fees you must pay.
You can shop and browse the vast array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in 2018. Since the system it operates on is built on blockchain technology, it is safe to declare that transactions are secure and safe.
Additionally 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 any customer. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison against others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is frequently utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier, there is definitely an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store, and you can start browsing through the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts as well as receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
