The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto-coins. Markets have popped up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto, you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and discover what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Exitronix Nft
The aim of OpenSea was to simply provide an online marketplace for artists to upload commissions, without having to pay any additional charges. There are additional features that allow you to sell your art without too many problems.
In terms of registration, you won’t have to worry about giving any personal information about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains that are available you can pick which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT, along with those who would like to purchase it. All transactions will be made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can be a seller however, it takes time before anyone can become an established seller.
There is a wide variety of NFTs available at OpenSea and you can join in with that! You can create your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it , but not exactly sure what it means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency that is very individual and cannot be substituted. It can be a piece of rarity like mint-condition baseball trading cards, or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. It is simpler to just imagine as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the marketplace, and you’re offering it for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and then making a collection to begin! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain, payments tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from now to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering the kind of NFTs can you shop for here and what kind of NFTs you can also sell if you choose to go down that path. The type of NFT that you can purchase is indefinite as there’s a variety of how you can approach it.
You can be selling trade cards, digital goods, game assets, domain names, and some physical items! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from other companies. There are zero gas fees when you use this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, and it can be a fantastic way to receive high profit from your collection.
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits by referring someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which means you can earn more money by this method.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency on these platforms. Exitronix Nft
You can convert your fiat currency using a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of converting them into ETH, which is the primary cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than other. Since it is built around an ETH blockchain, any wallets that share this network are appropriate for the site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency with the credit card. Exitronix Nft
For more information about the service to learn more, check out their FAQs to get 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 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:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Exitronix Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online to receive cryptocurrency as their form of payment. It’s a great platform for artists using the platform to market NFTs due to its low gas fees and low commission fees that you have to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception in the year of 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to say that your transactions are secure and safe.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear next to your account or the collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared with other NFT marketplaces.
What cryptocurrency is 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 that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile app by OpenSea available for both iOS or Android. Download it at their respective app store and you can start browsing through the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).