The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto currency. Markets have popped up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s explore what you can do with OpenSea and also see the NFTs that you can see!
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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Ligowave Nft 2Ac
The purpose to create OpenSea was to provide an online marketplace for artists to upload their commissions without any extra fees. There are additional features which allow you to market your art without too many issues.
When it comes to registration, you don’t need to give any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It is also based with the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains you can pick which one you’d like to publish your NFT as an seller. This is to ensure the security of your NFT, along with those who wish to purchase it. Every transaction will be conducted using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to official art from an artist you admire. Anyone can be a seller however it takes some time for anyone to become 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 personal market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible token that is very individual and cannot be substituted. It can be an item of rareness, such as mint-condition baseball trading cards or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you can sell online. In simpler terms, you could simply consider an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You are calling the ownership of the particular item you uploaded on the market place, but you’re offering it for sale. Usually, this is recognized when you have filled in the correct information about the NFT and upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and simply create a collection! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain or payments tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see how transactions progress from now to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself what kind of NFTs can you shop for here and what kind of NFTs you can also sell if you choose to go that route. The kind of NFT that you can purchase isn’t limited because there’s a wide range of how you can approach it.
It is possible to sell digital items, trading cards game assets domain names, even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees for using this feature to create and market NFTs. This means you’ll receive the maximum profits when you start selling because you won’t need to spend on extra fees.
Not many NFT marketplaces provide this feature, and it is great for you to earn a high return from your portfolio.
This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces there are benefits when you refer your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t have the same feature This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything while you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can convert your fiat money into cryptocurrency on these platforms. Ligowave Nft 2Ac
You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of them have the option to exchange for ETH, which is the standard cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Since it is built around the ETH blockchain, all wallets that share this network are appropriate for this website.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- 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, mobile-only usage, and the function to buy cryptocurrency using the credit card. Ligowave Nft 2Ac
To know more about it, you can check their FAQs to see an overview of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- Cannot buy or sell through this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used for this marketplace.
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 for all sellers on the platform. But overall, you can easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Ligowave Nft 2Ac
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform for selling their artwork online to receive cryptocurrency as their form of payment. It’s a great platform for artists who use for selling NFTs due to its low cost of gas and low commission fee rate you must pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in 2018. Since the system it operates on is built on a blockchain, it is safe to claim that your transactions are secure and safe.
Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark will be assigned to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared against others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is commonly utilized on this website and numerous others to cater for many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through 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 mentioned before There is an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store, and begin browsing through the collection right now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and 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/).