Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto coins. There are numerous marketplaces popping up all over the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Ghost Market Nft
The goal to create OpenSea was to offer a platform/marketplace for artists to upload commissions, without having to pay any additional charges. There are additional features that let you sell your artwork without any problems.
When it comes to the registration process, you don’t have to provide too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also functions using the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains you can pick which one you want to publish your NFT as a seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions will be made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art by an artist you admire. Anyone can sell however, it takes some time before anyone can become a reputable one.
There is a wide variety in the collection of NFTs available at OpenSea and you could also be a part of this! You can set up your own marketplace on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but not exactly sure what it is. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency that is very unique and can’t be replaced. It could be a piece of rareness like authentic baseball 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 online. In simpler terms, you could just think of the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You are calling the owner of the item or token that you have uploaded to the market place, but you’re selling it. Usually, this is recognized when you have filled in the proper information regarding the NFT and submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and create a collection! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like to use for it (e.g. blockchain, payment tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe the way transactions are handled from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering what kind of NFTs can be found here and what you can sell should you decide to go down that path. The type of NFT it can be isn’t limited since there’s a broad range of ways to go about it.
You can be selling trade cards, digital goods games domain names, also physical goods! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the other options. There are zero gas fees when you utilize this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, and it is a great way to make a huge profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer rewards by referring your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to earn more money through this action.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on both iOS as well as Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency on these platforms. Ghost Market Nft
You can convert the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built using an ETH blockchain, any wallets with a connection to the same network are suitable for this site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. Ghost Market Nft
To learn more about it to learn more, check out their FAQs to get the steps you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- It is not possible to buy or sell items through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Ghost Market Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s an excellent platform for artists who use for selling NFTs due to its no gas fees and the low commission rate you must pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year of 2018. Because its system is built on a blockchain that is secure, you can claim that your transactions are protected and secured.
In addition as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned to your account or collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared to the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and other sites to provide many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile app by OpenSea available for both iOS or Android. Download it at their respective app store and you can start exploring the collection right now!
The Desktop application that 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 while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).