The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto coins. Markets have popped up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts 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 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 Grade 5 Nft 1/2X4 Inch
The goal for OpenSea was to simply provide a platform/marketplace for artists to upload commissions without any extra fees. There are additional features which allow you to market your artwork without any difficulties.
For registration, you don’t need to worry about giving too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It also operates with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains that are available, you can choose which one you want to publish your NFT as an seller. This is to ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted by using the blockchain, so you should think about where you should 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 buy anything just a domain name to an official artwork by an artist you admire. Anyone can be a seller however, it takes some time for anyone to be a reputable one.
There is a wide variety in the collection of NFTs available at OpenSea and you could become a part of the collection! You can create your own market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto 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 have heard of it but aren’t sure exactly what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can buy 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 rareness like authentic baseball cards or rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item that you can sell online. It is simpler to simply think of an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the market place, but you’re offering it for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and simply create a collection! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g. blockchain or money transfer tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.
You can watch and see how transactions progress from now to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself which kind of NFT be found here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT it can be isn’t limited as there’s a variety of how you can do it.
You can be selling trade cards, digital goods games domain names, also physical goods! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from other companies. There’s no cost for gas when you use this feature when you mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t have to spend on extra fees.
Not many NFT marketplaces provide this feature, which is why this is great for you to make a huge profit from your collection.
The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more money from this act.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell things, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use, and you can exchange your fiat money for cryptocurrency through these platforms. Grade 5 Nft 1/2X4 Inch
You can swap your fiat currency using a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
All of them have the option of exchange for ETH that is the standard crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than others. Since it is built on the ETH blockchain, wallets that share this network are appropriate for the site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to buy cryptocurrency using a credit card. Grade 5 Nft 1/2X4 Inch
To learn more about it, you can check their FAQs to see the steps you can start 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 an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS or 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 market and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Grade 5 Nft 1/2X4 Inch
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way for selling their artwork online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use for selling NFTs due to its no gas fees and low commission fees that you have to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded in the year 2018. Because its system is based on a blockchain that is secure, you can claim 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 any collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you can get only 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared against the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is commonly used on this site as well as many others to accommodate more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through 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 application?
As previously mentioned there’s an official mobile app by OpenSea for both iOS or Android. Install it from their app store, and you can start browsing through the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts as well as 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/).