The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and discover 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 overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Ethernity Nft
The aim for OpenSea was to provide an online marketplace for artists to easily upload their commissions with no additional costs. It has more functions which allow you to market your work without having to deal with many problems.
In terms of registration, you don’t need to worry about giving all of your personal details. All you have to do is connect your cryptocurrency 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 well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It also functions with the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains that are available you can pick which one you would like to publish your NFT as an seller. This will ensure the security of your NFT as well as those who would like to purchase it. Every transaction will be conducted using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can sell, but it takes time for anyone to be an established seller.
There’s a huge selection from the selection of NFTs available at OpenSea and you can also be a part of this! You can start your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t exactly sure what it means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. The NFT is a token that is non-fungible which is extremely individual and cannot be replaced. It can be a piece of rareness, such as mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you can sell on the internet. More straightforwardly, you can simply think of as an NFT as a digital item paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the marketplace, and putting it up for sale. Usually, this is recognized after you fill in the correct information about the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and simply creating a collection to start! Complete the correct and accurate information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain or payment tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
You can watch and see how the transactions go from now on to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself which kind of NFT can you shop for here and what you can also sell if you decide to go that route. The kind of NFT that you can purchase is indefinite since there’s a broad range of how you can go about it.
It is possible to sell digital items, trading cards games domain names, even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the other options. There’s no cost for gas when you use this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you sell because you don’t need to pay on any additional charges.
Not many NFT marketplaces provide this feature, which is why this is a great way to earn a high return from your NFT collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are benefits when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell items 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 things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use You can also convert your fiat money into cryptocurrency through these platforms. Ethernity Nft
You can exchange your fiat money via your credit or debit card as well as 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 used in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly on the ETH blockchain, any wallets which are part of this network are appropriate for the site.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only, and the function to purchase cryptocurrency with the credit card. Ethernity Nft
To know more about it to learn more, check out their FAQs to see a rundown of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one 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 or 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.
- Allows royalty rates of 10% to artists (low royalty).
- It is not possible to buy or sell items through the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Ethernity Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use for selling NFTs due to its no cost of gas and low commission fees that you have to pay.
You can browse and shop for an array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea is a reputable 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 protected and secured.
Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed next to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as many others to accommodate many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use for 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 sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store, and begin exploring the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications on updates regarding 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/).