The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up all over the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out 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.
OpenSea as an NFT Marketplace Gorillaz Nft
The purpose for OpenSea was to provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional fees. It has more functions which allow you to market your artwork without any difficulties.
When it comes to registration, you won’t have to provide any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also operates on the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains that are available you can pick which one you’d like to upload your NFT on as seller. This will ensure the security of your NFT and those who would like to buy it. All transactions are made using this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist that you admire. Anyone can become a seller however it takes time for anyone to be an established seller.
There is a wide variety of NFTs available of NFTs available at OpenSea and you can become a part of that! You can create your own marketplace there, and also find NFTs you want to purchase for yourself.
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 many 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 new things that you can buy with cryptocurrency includes an NFT. The NFT is a token that is non-fungible that is very unique and can’t be replaced. It could be an item of any rareness like rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item you’re selling on the internet. More straightforwardly, you can simply imagine the NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and selling it. Usually, this is recognized after you fill in the correct information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and then creating a collection to start! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain and payment tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to determine if OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about the kind of NFTs can be purchased here, and what you could sell should you decide to go that route. The type of NFT it can be isn’t limited since there’s a broad range of how you can do it.
You could be selling digital products, trading cards game assets domain names, even physical assets! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the others. There are zero gas fees for using this feature when you create and market NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more cash by this method.
Other NFT marketplaces do not have this kind of feature either and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available for both iOS in addition to Android. Even though you can’t buy or sell something, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you to exchange your fiat money for cryptocurrency using these platforms. Gorillaz Nft
You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
All of them have the option of converting them into ETH, which is the most common cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are still more compatible with it than others. Since it is built on an ETH blockchain, any wallets that share the same network are suitable for this website.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only, and the function to purchase cryptocurrency with the credit card. Gorillaz Nft
To learn more about it, you can check their FAQs to get the steps you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t the only one to have 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.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- You cannot buy or sell products on the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Gorillaz Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its low gas fees and low commission fees you must pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a reliable marketplace since its inception at the end of the year 2018. Since its system is built on blockchain technology, it is safe to claim that your transactions are secure and safe.
Additionally as a seller you can become verified once you build up your reputation. A blue checkmark is placed to your account or any collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties on OpenSea?
As an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is believed to be quite low in comparison to the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is commonly used on this site as well as other sites to provide more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As mentioned before There is an official mobile app from OpenSea for both iOS or Android. You can download it through their app store and begin browsing through the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and receive notifications about updates to 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/).