The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is 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 users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you go on, 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Grimes Art Nft
The aim to create OpenSea was to provide an online marketplace for artists to upload commissions without any extra costs. There are additional features which allow you to market your work without having to deal with many difficulties.
For registration, you don’t need to provide too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions with the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains available it is possible to choose which one you would like to upload your NFT on as seller. This ensures the safety of your NFT, along with the people who want to purchase it. Every transaction will be conducted along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase 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 an established one.
There is a wide variety from the selection at OpenSea, and you can become a part of the collection! You can create your own marketplace on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market the term “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 means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible currency that is very individual and cannot be replaced. This can be an item of any rarity like mint-condition baseball trading cards or rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you can sell online. More straightforwardly, you can simply consider the NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the marketplace, and selling it. Usually, this is recognized when you have filled in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and simply creating a collection to start! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use for it (e.g., blockchain or money transfer tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
You can watch and see the way transactions are handled from now on to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about what kind of NFTs can you shop for here and what you can also sell if you decide to pursue that route. The type of NFT that you can purchase is unlimited since there’s a broad range of options for how to go about it.
You can be selling digital items, trading cards game assets, domain names, and even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from the other options. There’s no cost for gas when you use this feature when you create and market 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, which is why this is a great way to earn a high return from your collection.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets that offer benefits by referring your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which allows you to make more money from this act.
Other NFT marketplaces don’t offer this kind of feature either This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you to convert your fiat money into cryptocurrency through these platforms. Grimes Art Nft
You can swap the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
Each of them has the option to exchange for ETH that is the most common crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly around the ETH blockchain, all wallets with a connection to this network are appropriate for this site.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using a credit card. Grimes Art Nft
To know more about it You can go through their FAQs to get an overview of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Available as mobile apps for iOS as well as 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 world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Grimes Art Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online and receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero cost of gas and the low commission rate that you have to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Since its system is based on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
In addition as a seller you will be verified after you build up your reputation. A blue checkmark is placed to your account or collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure that users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared against the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and many others to accommodate more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile app from OpenSea available for both iOS and Android. Download it at their respective app store, and you can start exploring the collection right now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).