The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto currency. Markets have popped up all over the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and discover 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 review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Innnovation Nft
The purpose of OpenSea was to offer artists with a marketplace/platform to upload their commissions without any extra charges. It also has additional functions that allow you to sell your work without having to deal with many problems.
In terms of registration, you don’t need to provide too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also operates with the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains available, you can choose which one you want to upload your NFT on as an seller. This will ensure the security of your NFT, along with those who would like to purchase it. All transactions are made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name, to a piece of art by an artist you admire. Anyone can become a seller however it takes time for anyone to be a reputable one.
There are a variety of NFTs of NFTs available at OpenSea and you could also be a part of that! You can create your own market on this site, as well as find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around so long on the internet that many millennials are familiar with it but not 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 newest things that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible token which is extremely individual and cannot be changed. This can be a piece of rareness like mint-condition baseball trading cards, or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item that you sell online. More straightforwardly, you can simply think of the NFT to be a type of digital collectible paid via cryptocurrency only.
Minting NFTs
Minting is like calling dibs on your own NFTs. You are calling the owner of the item or token you uploaded on market, as you’re selling it. Typically, this is official after you fill in the correct information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and simply create a collection! Complete the correct and complete information about your NFT and select the type of settings you want for it (e.g., blockchain and payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from here on out to determine if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
So, at this point you’re probably thinking about the kind of NFTs can be purchased here, and what you could also sell if you decide to go down that path. The type of NFT that you can purchase isn’t limited since there’s a broad range of ways to approach it.
You could be selling digital products, trading cards game assets, domain names, and also physical goods! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the others. There are zero gas fees when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t need to spend on extra fees.
Very few NFT marketplaces provide this feature, so this is great for you to earn a high return from your portfolio.
Referral Program
This Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more cash from this act.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you to trade your fiat currency for cryptocurrency on these platforms. Innnovation Nft
You can swap the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
All of these have the option of converting them into ETH, which is the most common cryptocurrency used in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based around the ETH blockchain, all wallets which are part of that network will be suitable for this website.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency with the credit card. Innnovation Nft
To know more about it You can go through their FAQs to get a rundown of how you can begin and which other wallets are compatible with OpenSea.
> > Click Here to Explore 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. It is possible to read about its pros and pros here:
Pros
- Mobile apps are available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
Cons
- Allows royalty rates of up to 10% for artists (low royalty).
- It is not possible to buy or sell items on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to use this marketplace.
Pricing
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 that all buyers on the marketplace. But overall, you can easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Innnovation Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists using for selling NFTs due to its no cost of gas and low commission fees you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year of 2018. Since its system is built on a blockchain that is secure, you can claim that your transactions are safe and secure.
Additionally, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will be assigned next to your account or any collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be quite low in comparison to others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and other sites to provide more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before There is an official mobile application from OpenSea available for both iOS or Android. Download it at their respective app store, and you can start exploring the collection now!
A version for desktops that OpenSea that can be downloaded through 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/).
