Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto-coins. Markets have popped up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace How To OpenSea Game Auction Site
The aim of OpenSea was to provide a platform/marketplace for artists to upload their commissions, without having to pay any additional charges. It has more functions that allow you to sell your work without having to deal with many problems.
For registration, you won’t have to worry about giving all of your personal details. 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 much hassle as you step into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It is also based on the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains, you can choose which one you want to publish your NFT as a seller. This ensures the safety of your NFT, along with the people who want to buy it. All transactions are made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to official art from an artist that you admire. Anyone can become a seller however it takes some time for anyone to be an established one.
There’s a huge selection of NFTs available at OpenSea and you can also be a part of this! You can create your own personal market 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”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t exactly sure what it means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible token that is very unique and can’t be substituted. This can be an item of any rareness like rare baseball trading cards in mint condition or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. It is simpler to simply think of the NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the owner of the item or token you uploaded on market, as you’re putting it up for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and simply create a collection! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g. blockchain, payments tokens). After that you are able to upload it, if it’s within the limit of 100MB.
You can watch and see how transactions progress from here on out to see whether OpenSea is the marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering what kind of NFTs be purchased here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT it can be is unlimited as there’s a variety of options for how to do it.
You could be selling trade cards, digital goods games, domain names, and some physical items! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the others. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t have to spend on extra fees.
Not many NFT marketplaces offer this feature, and it can be a fantastic way to receive high profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, letting you earn more cash through this action.
Other NFT marketplaces do not have this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available on both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. How To OpenSea Game Auction Site
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of converting them into ETH which is the primary cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built around an ETH blockchain, all wallets that share the same network are suitable for this website.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency with the credit card. How To OpenSea Game Auction Site
For more information about the service to learn more, check out their FAQs to see the steps you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions How To OpenSea Game Auction Site
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists using for selling NFTs due to its low cost of gas and low commission fees you must pay.
You can shop and browse an array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception in the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can declare that transactions are protected and secured.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark is placed to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties on OpenSea?
As an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared with others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is commonly used on this site and other sites to provide the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier there’s an official mobile application from OpenSea that is available for iOS as well as Android. You can download it through their app store, and begin exploring the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. In 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/).