The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto coins. Markets have popped up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea and also see what NFTs you can view!
Before you go on, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Hill Pheonix Nft
The aim for OpenSea was to provide artists with a marketplace/platform to upload commissions, without having to pay any additional costs. There are additional features that allow you to sell your work without having to deal with many issues.
When it comes to registration, you don’t need to give any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains available you can pick which one you would like to transfer your NFT to as a seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions are made using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist that you admire. Anyone can be a seller, but it takes time for anyone to be an established one.
There are a variety of NFTs of NFTs available at OpenSea and you can also be a part of that! You can start your own marketplace here, along with finding NFTs that you would like to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can buy can be an NFT. The NFT is a token that is non-fungible that is very individual and cannot be substituted. It could be an item of rareness, such as authentic baseball cards or unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible item you’re selling online. In simpler terms, you could simply consider as an NFT to be a type of digital item paid via cryptocurrency only.
Minting NFTs
Minting is like calling dibs to your NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and offering it for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and then create a collection! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain and payments tokens). After you’ve completed the process, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe how transactions progress from now on to see if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
So, at this point you’re probably asking yourself the kind of NFTs you shop for here, and what you could also sell if you decide to go down that path. The type of NFT that you can purchase is unlimited since there’s a broad range of ways to go about it.
You could be selling digital products, trading cards games, domain names, and even physical assets! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. There are zero gas fees for using this feature to mint and sell NFTs. This means you’ll get the most profit when you start selling because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, and it can be a fantastic way to make a huge profit from your portfolio.
Referral Program
This Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the purchase amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to trade your fiat currency for cryptocurrency on these platforms. Hill Pheonix Nft
You can exchange the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and many more!
Each of them has the option of exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly on an ETH blockchain, any wallets that share the same network are suitable for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage, and the function to purchase cryptocurrency with a credit card. Hill Pheonix Nft
To know more about it to learn more, check out their FAQs to get an overview of how you can start and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
Pros
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
Cons
- Allows royalties up to 10% for artists (low royalties).
- It is not possible to buy or sell items via our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required to access this marketplace.
Pricing
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Hill Pheonix Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its low cost of gas and low commission fees you must pay.
You can browse and shop for an array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established in 2018. Because its system is built on blockchain technology, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear to your account or any collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared to the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned there’s an official mobile app by OpenSea that is available for iOS or Android. You can download it through their app store and then you can begin exploring the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
