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 all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s explore the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Gary Vee Nft Drop
The goal for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions, without having to pay any additional charges. There are additional features which allow you to market 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 connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It also functions on the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains that are available it is possible to choose which one you want to publish your NFT as seller. This ensures the safety of your NFT as well as those who wish to purchase it. Every transaction will be conducted using this blockchain, which is why you need to 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 purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can sell, but it takes time before anyone can become an established one.
There are a variety of NFTs of NFTs available at OpenSea and you could join in with this! You can set up your own personal market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto market, the term “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. This can be a piece of rareness like mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible item that you sell online. More straightforwardly, you can just imagine an NFT as a digital item that is paid for using 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 selling it. Usually, this becomes official when you have filled in all the necessary information about the NFT and add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you want for it (e.g., blockchain or payment tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.
You can watch and see how transactions progress from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering which kind of NFT be found here, and what you could sell should you decide to go that route. The type of NFT it can be isn’t limited as there’s a variety of how you can do it.
You could be selling digital products, trading cards, game assets, domain names, and some physical items! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There are zero gas fees for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you sell because you don’t need to pay on any additional charges.
Not many NFT marketplaces have this feature, which is why this is great for you to receive high profit from your collection.
A Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have the same feature This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps of OpenSea are available for both iOS and Android. Even though you can’t buy or sell anything, you can still look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. Gary Vee Nft Drop
You can exchange the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
All of these have the option to exchange for ETH that is the primary cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based around an ETH blockchain, any wallets with a connection to that network will be suitable for the site.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only, and the function to purchase cryptocurrency with the credit card. Gary Vee Nft Drop
To learn more about it to learn more, check out their FAQs for a rundown of how you can begin and also what other crypto wallets work 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. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS and 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 world and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Gary Vee Nft Drop
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online to receive cryptocurrency as their form of payment. It’s a great platform for artists who use for selling NFTs due to its no gas costs and low commission fee rate you must pay.
You can browse and purchase an array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established in the year 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 be assigned next to your account or any collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure that users are secure.
How do I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared against others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store and you can start exploring the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts as well as 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/).