Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. Markets have popped up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace F1 Nft
The goal of OpenSea was to offer an online marketplace for artists to upload commissions without any extra fees. There are additional features which allow you to market your work without having to deal with many problems.
For the registration process, you don’t have to worry about giving all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for most processes. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains it is possible to choose which one you would like to transfer your NFT to as a seller. This will ensure the security of your NFT and the people who want to buy it. All transactions are made along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy 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 for anyone to be an established seller.
There’s a huge selection of NFTs available on OpenSea, and you can join in with that! You can start your own market here, along with finding NFTs that you would like to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto industry, the term “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but not exactly sure what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible currency which is extremely unique and can’t be substituted. This can be a piece of rareness like authentic baseball cards or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can just imagine an NFT as a digital collectible paid via cryptocurrency only.
Minting NFTs
Minting is like calling dibs to your NFTs. It is a way of claiming the owner of the item or token you uploaded on market, as you’re putting it up for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and simply creating a collection to start! Input the appropriate and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g., blockchain or payments tokens). After that then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to see whether OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
In this moment you’re probably thinking about the kind of NFTs you shop for here, and what you could sell should you decide to pursue that route. The type of NFT that you can purchase is indefinite since there’s a broad range of options for how to do it.
It is possible to sell digital products, trading cards game assets, domain names, and even physical assets! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas when you use this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when 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 make a huge profit from your collection.
Referral Program
A Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are advantages by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which allows you to make more money through this action.
Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. It isn’t able to 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 something, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency on these platforms. F1 Nft
You can exchange the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
All of them have the option to exchange for ETH which is the most common crypto payment in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly using an ETH blockchain, wallets which are part of that network will be suitable for this website.
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 seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage, and the function to buy cryptocurrency using the credit card. F1 Nft
To learn more about it to learn more, check out their FAQs to get a rundown of how 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 each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
Pros
- Mobile apps 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 of only up to 10% for artists (low royalty).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto account is needed for this marketplace.
Pricing
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions F1 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 receive cryptocurrency as a method of payment. It’s a great platform for artists using it to sell NFTs due to its low cost of gas and low commission fee rate that you have to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace and you must take a look!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea is a reputable marketplace since its inception in 2018. Since its system is built on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
In addition as a seller you can become verified once you’ve earned a reputation. A blue checkmark will appear on your account or any collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties from OpenSea?
As an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison against others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile application from OpenSea that is available for iOS as well as Android. Install it from their app store and begin browsing through the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and receive notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
