Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re interested in crypto you’ve likely heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and let’s explore what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Fat 32 To Nft
The purpose to create OpenSea was to offer a platform/marketplace for artists to upload commissions with no additional costs. It has more functions that let you sell your work without having to deal with many issues.
In terms of 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 going through many hurdles as you walk into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for most processes. It also functions using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains you can pick which one you would like to publish your NFT as seller. This is to ensure the security of your NFT as well as those who would like to buy it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to official art by an artist you admire. Anyone can be a seller however, it takes time before anyone can become a reputable one.
There is a wide variety in the collection at OpenSea and you can also be a part of the collection! You can create your own personal market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials have heard of it but not exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can buy can be an NFT. The NFT is a token that is non-fungible that is very exclusive and cannot be substituted. It can be an item of rareness like rare baseball trading cards in mint condition or rare 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 consider the NFT as a digital item paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to market, as you’re offering it for sale. Usually, this is recognized after you fill in the correct information about the NFT and then add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and simply making a collection to begin! Complete the correct and complete information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain and money transfer tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
You can watch and see how transactions progress from now on to see whether OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself the kind of NFTs be found here and what kind of NFTs you can sell should you decide to go that route. The type of NFT it can be is unlimited since there’s a broad range of ways to do it.
You can be selling digital products, trading cards, game assets domain names, some physical items! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from the other options. There are zero gas fees when you utilize this feature when you create and market NFTs. This means you’ll get the most profit when you begin selling since you don’t need to pay on additional fees.
Very few NFT marketplaces provide this feature, which is why this is great for you to receive high profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets that offer advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, which means you can earn more money from this act.
Other NFT marketplaces do not have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available for both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also convert your fiat money into cryptocurrency using these platforms. Fat 32 To Nft
You can swap your fiat money via credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
Each of them has the option of converting them into ETH which is the primary crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly on the ETH blockchain, any wallets that share the same network are suitable for the site.
Here is a list of various crypto wallets that 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 including simple registration, only mobile usage as well as the capability to purchase cryptocurrency using credit cards. Fat 32 To Nft
To know more about it You can go through their FAQs to see an overview of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Fat 32 To Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to sell their works online and receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its no gas fees and the low commission rate which you are required to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace and you must take a look!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Since its system is built on blockchain technology and is secured, it is safe to claim that your transactions are safe and secure.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will appear next to your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is widely utilized on this website and numerous others to cater for more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile app from OpenSea available for both iOS or Android. Install it from their app store, and you can start browsing through the collection right now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications about updates to 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/).