The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto-coins. Marketplaces are popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s explore 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 will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Gary V Nft Project
The goal of OpenSea was to offer an online marketplace for artists to easily upload their commissions, without having to pay any additional costs. It has more functions that let you sell your artwork without any issues.
In terms of registration, you won’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 hurdles as you walk into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also functions on the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains available, you can choose which one you would like to upload your NFT on as an seller. This is to ensure the security of your NFT as well as the people who want to purchase it. Every transaction will be conducted along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist that you admire. Anyone can sell however it takes some time before anyone can become an established seller.
There are a variety of NFTs from the selection at OpenSea and you can also be a part of that! You can start your own marketplace on this site, as well as find NFTs that you would like to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible token which is extremely individual and cannot be substituted. This can be an item of rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can just imagine as an NFT as a digital collectible paid via cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the ownership of the particular item that you have uploaded to market, as offering it for sale. Typically, this is official once you fill out the correct information about the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and simply making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain, money transfer tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see how transactions progress from now on to determine whether OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
So, at this point, you’re probably wondering which kind of NFT can you shop for here, and what you could sell should you decide to go that route. The type of NFT that you can purchase is indefinite since there’s a broad range of ways to approach it.
It is possible to sell trade cards, digital goods, game assets, domain names, and also physical goods! Consider what you believe will yield the most profit by experimenting with 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 utilize this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces have this feature, and it is a great way to earn a high return from your collection.
Referral Program
The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, letting you make more money through this action.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is 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 browse through the listing.
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 anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can trade your fiat currency for cryptocurrency through these platforms. Gary V Nft Project
You can exchange the fiat currency you have with a credit card or Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
All of these have the option of exchange for ETH which is the standard crypto payment in OpenSea.
Crypto Wallets
Although OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than others. Since it is built mainly on an ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here’s a list different crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: 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 a credit card. Gary V Nft Project
To know more about it You can go through their FAQs for an overview of how you can begin and 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 advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
Pros
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
Cons
- Allows royalties up to 10% for artists (low royalty rates).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed to access this marketplace.
Pricing
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Gary V Nft Project
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive cryptocurrency as a method of payment. It’s a great option for artists who want to use it to sell NFTs due to its low gas fees and low commission fee rate that you have to pay.
You can browse and shop for an array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Because its system is built on blockchain technology that is secure, you can say that your transactions are protected and secured.
Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark is placed to your account or any collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison to others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is frequently used on this site and numerous others to cater for the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before There is an official mobile app by OpenSea for both iOS as well as Android. You can download it through their app store, and you can start browsing through the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
