The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Granite Nft 000418
The goal to create OpenSea was to simply provide an online marketplace for artists to easily upload their commissions without any extra charges. It also has additional functions that let you sell your art without too many difficulties.
When it comes to registration, you don’t need to worry about giving any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also operates on the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains that are available, you can choose which one you would like to transfer your NFT to as a seller. This is to ensure the security of your NFT, along with those who would like to buy it. All transactions are made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to an official artwork by an artist you admire. Anyone can become a seller, but it takes time for anyone to be an established one.
There’s a huge selection in the collection on OpenSea, and you can join in with that! You can create your own market 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 crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but not exactly sure what it actually means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible token which is extremely exclusive and cannot be replaced. It could be a piece of rarity like authentic baseball cards or unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible thing you’re selling online. It is simpler to just consider an NFT as a digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the ownership of the particular item that you posted to market, as you’re offering it for sale. Usually, this is recognized after you fill in the correct information about the NFT and finally 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 creating a collection to start! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain or payments tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from now on to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself what kind of NFTs be found here, and what you could also sell if you choose to go that route. The kind of NFT it can be is unlimited because there’s a wide range of ways to do it.
It is possible to sell digital items, trading cards game assets, domain names, and also physical goods! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from the others. There are zero gas fees for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t have to spend on additional fees.
Not many NFT marketplaces offer this feature, so 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. Like traditional online marketplaces there are advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more cash through this action.
Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. You can’t buy or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on both iOS and Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to exchange your fiat money for cryptocurrency using these platforms. Granite Nft 000418
You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option of converting them into ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than other. Since it is built using the ETH blockchain, any wallets which are part of the same network are suitable for this website.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage as well as the capability to buy cryptocurrency using credit cards. Granite Nft 000418
To know more about it to learn more, check out their FAQs to see a rundown of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its 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 for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Granite Nft 000418
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its low cost of gas and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year of 2018. Because its system is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
Furthermore, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will appear on your account or the collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be a reasonable amount compared with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is frequently utilized on this website and numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before There is an official mobile application from OpenSea that is available for iOS and Android. Install it from their app store and then you can begin exploring the collection right now!
The version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and get alerts on any updates that affect 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/).