Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re interested in crypto you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s see the possibilities of 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 will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Hairymans Closet Nft
The goal of OpenSea was to provide artists with a marketplace/platform to upload commissions, without having to pay any additional charges. It also has additional functions that allow you to sell your art without too many issues.
When it comes to registration, you don’t need to provide all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates using the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains, you can choose which one you’d like to upload your NFT on as an seller. This is to ensure the security of your NFT, along with those who would like to buy it. Every transaction will be conducted along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can sell however it takes a while for anyone to become an established one.
There’s a huge selection in the collection on OpenSea and you can become a part of that! You can set up your own personal market here, along with finding NFTs you want to purchase for 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 the majority of young people are familiar with it , but not exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible token that is unique and can’t be replaced. It can be an item of any rareness, such as mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell on the internet. In simpler terms, you could just consider an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling ownership over that particular token/item you uploaded on the marketplace, and you’re putting it up for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and simply create a collection! Complete the correct and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain, money transfer tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from here on out to determine if OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about which kind of NFT can be purchased here and what you can also sell if you decide to go down that path. The kind of NFT it is indefinite because there’s a wide range of ways to do it.
You can be selling trade cards, digital goods games, domain names, and even physical assets! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the others. There are no gas costs when you use this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t have to spend on additional fees.
Not many NFT marketplaces provide this feature, which is why this can be a fantastic way to make a huge profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale 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 advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. While you’re not able to buy or sell things, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal to trade your fiat currency for cryptocurrency through these platforms. Hairymans Closet Nft
You can swap your fiat currency using a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and other things!
Each of them has the option of exchange for ETH that is the primary cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built around an ETH blockchain, any wallets that share that network will be suitable for this website.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, mobile-only usage and the ability to purchase cryptocurrency using a credit card. Hairymans Closet Nft
To know more about it, you can check their FAQs for an overview of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto 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’s no extra charge for it.
Frequently Asked Questions Hairymans Closet Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its no gas fees and low commission fee rate you must pay.
You can browse and purchase an array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded in the year of 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned to your account or the collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared against the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site and other sites to provide the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile application from OpenSea available for both iOS as well as Android. You can download it through their app store and you can start exploring the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and get 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/).