Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up across the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s explore what you can do with OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Gary Vaynerchuk Nft
The goal of OpenSea was to simply provide a platform/marketplace for artists to upload their commissions without any extra fees. It has more functions which allow you to market your artwork without any problems.
In terms of the registration process, you don’t have to worry about giving too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It also operates using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains it is possible to choose which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT as well as the people who want to purchase it. All transactions are made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can sell however it takes a while for anyone to become an established one.
There is a wide variety of NFTs available on OpenSea, and you can become a part of 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 crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible currency that is exclusive and cannot be substituted. This can be an item of any rarity like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing that you can sell online. It is simpler to just imagine the NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to market, as putting it up for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and create a collection! Fill out the proper and accurate information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain or payment tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.
You can watch and see how the transactions go from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself the kind of NFTs can you shop for here, and what you could also sell if you choose to go that route. The type of NFT that you can purchase is indefinite since there’s a broad range of how you can do it.
It is possible to sell digital products, trading cards game assets, domain names, and even physical assets! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from the others. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This means you’ll get the most profit when you start selling because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, so this can be a fantastic way to make a huge profit from your portfolio.
This Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to earn more cash by this method.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also trade your fiat currency for cryptocurrency using these platforms. Gary Vaynerchuk Nft
You can swap the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built around the ETH blockchain, all wallets with a connection to the same network are suitable for the site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only, and the function to buy cryptocurrency using the credit card. Gary Vaynerchuk Nft
For more information about the service, you can check their FAQs to get the steps you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Gary Vaynerchuk Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using it to sell NFTs because of its zero gas fees and low commission fee rate that you have to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December 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 protected and secured.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned on your account or collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How can I earn royalties from OpenSea?
As an artist, you’ll be paid only 10% of the royalties once you upload the NFT. This is thought to be reasonably low compared with other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS as well as Android. You can download it through their app store, and begin exploring the collection now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and receive alerts on any updates that affect 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/).