The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto currency. Markets have popped up across the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It has become one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s see what you can do with OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Fidelity Nft Dividend Funds
The purpose for OpenSea was to provide artists with a marketplace/platform to easily upload their commissions without any extra charges. It also has additional functions that allow you to sell your art without too many difficulties.
In terms of the registration process, you don’t have to worry about giving too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for the majority of transactions. It also operates using the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you want to transfer your NFT to as an seller. This ensures the safety of your NFT and those who would like to buy it. All transactions will be made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s 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 an official artwork from an artist that you admire. Anyone can sell, but it takes time for anyone to be an established one.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you could also be a part of this! You can set up your own market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token that is very individual and cannot be replaced. It could be an item of rareness like mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object that you sell online. More straightforwardly, you can just think of as an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You’re claiming the ownership of the particular item you uploaded on market, as you’re selling it. Typically, this is official when you have filled in all the necessary information about the NFT and then add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and then making a collection to begin! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain and money transfer tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about what kind of NFTs be found here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT that you can purchase is indefinite because there’s a wide range of how you can go about it.
It is possible to sell trade cards, digital goods games domain names, even physical assets! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from other companies. There are no gas costs when you use this feature when you create and market NFTs. This means you’ll get the most profit when you begin selling since you won’t have to spend on additional fees.
Not many NFT marketplaces offer this feature, so this is a great way to earn a high return from your NFT collection.
A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, which means you can earn more money from this act.
Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on both iOS as well as Android. While you’re not able to buy or sell something, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use You can also exchange your fiat money for cryptocurrency through these platforms. Fidelity Nft Dividend Funds
You can convert your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
All of them have the option of converting them into ETH which is the primary crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based around the ETH blockchain, wallets which are part of this network are appropriate for the site.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency using credit cards. Fidelity Nft Dividend Funds
To know more about it You can go through their FAQs to see a rundown of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency 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 quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Fidelity Nft Dividend Funds
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists who use it to sell NFTs due to its no gas costs and low commission fees which you are required to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear on your account or any collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been widely utilized on this website and other sites to provide the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile application from OpenSea that is available for iOS or Android. Install it from their app store and begin browsing through the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as 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/).