The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto coins. Markets have popped up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency you’ve likely 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 rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Genesis Nft
The goal of OpenSea was to simply provide a platform/marketplace for artists to upload their commissions without any extra fees. There are additional features that allow you to sell your work without having to deal with many problems.
For the registration process, you don’t have to provide too many details about yourself. All you need to do is connect your crypto 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 well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It also operates on the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains it is possible to choose which one you want to upload your NFT on as an seller. This is to ensure the security of your NFT, along with the people who want to buy it. All transactions will be made by using the blockchain, and you must think about where you should 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 official art from an artist that you admire. Anyone can be a seller however, it takes time before anyone can become an established one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you could join in with the collection! You can create your own marketplace here, along with finding NFTs you want to purchase 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 the majority of young people have heard of it but aren’t sure exactly what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible token which is extremely unique and can’t be changed. It could be a piece of rareness, such as mint-condition baseball trading cards or uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item you’re selling on the internet. More straightforwardly, you can just consider an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming the owner of the item or token that you have uploaded to the market place, but offering it for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and submit it for sale on.
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! Fill out the proper and correct information regarding your NFT and select the type of settings you want for it (e.g., blockchain, money transfer tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
You can watch and see the way transactions are handled from here on out to see if OpenSea is the marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about what kind of NFTs can be found here, and what you could also sell if you choose to go that route. The kind of NFT that you can purchase is unlimited since there’s a broad range of options for how to do it.
You can be selling trade cards, digital goods games domain names, also physical goods! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things 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 be able to make the highest profits once you begin selling since you won’t have to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, and it can be a fantastic way to receive high profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more cash through this action.
Other NFT marketplaces do not have this feature This is a further benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also exchange your fiat money for cryptocurrency using these platforms. Genesis Nft
You can exchange your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of them have the option of converting them into ETH, which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly on the ETH blockchain, all wallets that share the same network are suitable for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using credit cards. Genesis Nft
To learn more about it You can go through their FAQs for the steps you can get started and also what other crypto 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. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Genesis Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online and receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its low cost of gas and low commission fees you must pay.
You can browse and shop for the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year of 2018. Since its system is built on blockchain technology, it is safe to say that your transactions are secure and safe.
Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark will be assigned to your account or the collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison against the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is frequently used on this site and many others to accommodate many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store, and begin exploring the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and receive notifications on updates regarding 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/).