Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up all over the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and discover what you can do with OpenSea as well as examining 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Kings Of Leon Nft
The aim for OpenSea was to provide a platform/marketplace for artists to easily upload their commissions without any extra charges. There are additional features that allow you to sell your work without having to deal with many difficulties.
In terms of the registration process, you don’t have to worry about giving all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on 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 to ensure the lowest cost and speediest trading.
With these two kinds of blockchains available it is possible to choose which one you would like to transfer your NFT to as seller. This is to ensure the security of your NFT, along with the people who want to purchase it. Every transaction will be conducted by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to an official artwork by an artist you admire. Anyone can become a seller, but it takes a while before anyone can become a reputable one.
There’s a huge selection of NFTs available at OpenSea and you can become a part of this! You can start your own market there, and also find NFTs that you would like 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 the internet that the majority of young people are familiar with it but not exactly sure what it actually means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the newest things you can buy includes an NFT. The NFT is a non-fungible token that is exclusive and cannot be changed. It could be an item of any rareness, such as mint-condition baseball trading cards or rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object you’re selling online. It is simpler to simply imagine as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You are calling ownership over that particular token/item that you have uploaded to the market place, but you’re putting it up for sale. Typically, this is official once you fill out all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and simply creating a collection to start! Complete the correct and correct information regarding your NFT and choose what kind of settings you want for it (e.g., blockchain or money transfer tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from now on to see if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about which kind of NFT you shop for here, and what you could sell should 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 digital items, trading cards game assets, domain names, and also physical goods! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the other options. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This means you’ll get the most profit when you start selling because you won’t need to spend on extra fees.
Very few NFT marketplaces offer this feature, so this is great for you to make a huge profit from your collection.
This Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more money through this action.
Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available for both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency through these platforms. Kings Of Leon Nft
You can convert the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option to exchange for ETH that is the standard crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly on the ETH blockchain, any wallets which are part of that network will be suitable for this website.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency using a credit card. Kings Of Leon Nft
To know more about it to learn more, check out their FAQs to get a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS as well as 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 industry and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Kings Of Leon Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to sell their works online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists using the platform to market NFTs due to its low cost of gas and low commission fee rate that you have to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of 2018. Because its system is based on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
In addition, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will be assigned on your account or any collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you can get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared to others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is commonly used on this site as well as numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile app from OpenSea for both iOS or Android. You can download it through their app store and begin exploring the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).