Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto coins. Markets have popped up all over the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s explore the possibilities of 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Erc721 Nft
The purpose to create OpenSea was to provide artists with a marketplace/platform to easily upload their commissions without any extra costs. It has more functions that let you sell your artwork without any difficulties.
In terms of registration, you don’t need to provide any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains you can pick which one you’d like to transfer your NFT to as an seller. This is to ensure the security of your NFT, along with those who wish to buy 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’s like an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can sell, but it takes time for anyone to be an established seller.
There are a variety of NFTs from the selection of NFTs available at OpenSea, and you can join in with that! You can set up your own market on this site, as well as find NFTs you’d like to buy for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it is. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. The NFT is a token that is non-fungible which is extremely exclusive and cannot be substituted. It can be a piece of rareness like authentic baseball cards, or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item you’re selling online. More straightforwardly, you can just consider an NFT being a virtual item which is only paid in cryptocurrency.
Minting NFTs
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the ownership of the particular item you uploaded on the market place, but offering it for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and then creating a collection to start! Input the appropriate and complete information about your NFT and then select what type of settings you want to use it with (e.g., blockchain, payments tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how the transactions go from now on 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 thinking about what kind of NFTs be purchased here, and what you could also sell if you choose to go that route. The kind of NFT that you can purchase is indefinite as there’s a variety of ways to go about it.
It is possible to sell digital products, trading cards game assets, domain names, and even physical assets! Explore what you believe can bring the greatest rewards by trying 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 when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, and it can be a fantastic way to make a huge profit from your collection.
Referral Program
The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive advantages when you refer someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, which means you can earn more cash by this method.
Other NFT marketplaces do not have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS as well as Android. Even though you can’t buy or sell something, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency on these platforms. Erc721 Nft
You can exchange the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and more!
All of these have the option of exchange for ETH which is the primary cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly on the ETH blockchain, any wallets which are part of that network will be suitable for the site.
Here’s a list various crypto wallets that you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. Erc721 Nft
To know more about it You can go through their FAQs to get an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore 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. You can read about its pros and pros here:
Pros
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
Cons
- Allows royalty rates of 10% for artists (low royalties).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- A Crypto digital wallet must be used for this marketplace.
Pricing
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions 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 Erc721 Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use for selling NFTs due to its low gas costs and low commission fees which you are required to pay.
You can shop and browse an array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea is a reputable marketplace since it was founded in the year of 2018. Since its system is based on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
Additionally as a seller you can become verified once you build up your reputation. A blue checkmark will appear to your account or the collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties from OpenSea?
As an artist, you’ll get only 10% of the royalties once you upload the NFT. This is thought to be reasonably low compared with the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and other sites to provide more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile application from OpenSea for both iOS and Android. Install it from their app store and you can start exploring the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and get notifications about updates to 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/).
