Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking 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’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Leonard, Joanna Nft
The goal of OpenSea was to provide artists with a marketplace/platform to upload their commissions, without having to pay any additional fees. It also has additional functions which allow you to market your work without having to deal with many issues.
In terms of registration, you don’t need to provide any personal information about yourself. All you need 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.
OpenSea: Blockchain
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It is also based using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains it is possible to choose which one you’d like to transfer your NFT to as seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions will be made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes some time before anyone can become an established seller.
There are a variety of NFTs of NFTs available at OpenSea, and you can also be a part of that! You can set up your own market on this site, as well as find NFTs that you would like to purchase 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 for so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the newest things you can buy can be an NFT. A NFT is a non-fungible currency which is extremely exclusive and cannot be replaced. It could be a piece of rareness like authentic baseball cards, or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you can sell online. In simpler terms, you could just think of the NFT as a digital item which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling the shots for your personal NFTs. You’re claiming the ownership of the particular item that you posted to market, as selling it. Usually, this becomes official once you fill out the correct information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and simply creating a collection to start! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like to use it with (e.g., blockchain, payments tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how the transactions go from now on to see if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
At this point, you’re probably wondering the kind of NFTs can be found here and what you can also sell if you decide to go down that path. The type of NFT it can be isn’t limited because there’s a wide range of how you can approach it.
You can be selling trade cards, digital goods game assets, domain names, and also physical goods! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from other companies. There are no gas costs when you use this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you start selling because you don’t need to pay on extra fees.
Very few NFT marketplaces provide this feature, which is why this is great for you to receive high profit from your NFT collection.
Referral Program
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces that offer benefits when you refer your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can make more money through this action.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you to convert your fiat money into cryptocurrency through these platforms. Leonard, Joanna Nft
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and other things!
All of them have the option of converting them into ETH that is the most common crypto payment in OpenSea.
Crypto Wallets
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based around an ETH blockchain, wallets with a connection to this network are appropriate for the site.
Here’s a list different crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. Leonard, Joanna Nft
For more information about the service to learn more, check out their FAQs for a rundown of how you can begin and what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
Pros
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
Cons
- Allows royalties 10% to artists (low royalties).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed for this marketplace.
Pricing
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees 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 Leonard, Joanna Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its low gas costs and low commission fees that you have to pay.
You can browse and purchase an array of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year 2018. Since its system is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
Additionally, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear on your account or any collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties on OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared to others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as many others to accommodate many more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As mentioned before there’s an official mobile application from OpenSea that is available for iOS or Android. Install it from their app store and then you can begin browsing through the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive 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/).
