The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s explore 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Logan Paul Nft
The purpose for OpenSea was to provide an online marketplace for artists to easily upload their commissions with no additional costs. It also has additional functions that allow you to sell your work without having to deal with many difficulties.
When it comes to registration, you don’t need to worry about giving too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most widely-used 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 also functions with the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains available it is possible to choose which one you would like to publish your NFT as a seller. This is to ensure the security of your NFT as well as the people who want to purchase it. Every transaction will be conducted by using the 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 mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can become a seller however it takes a while for anyone to be an established seller.
There’s a huge selection from the selection on OpenSea, and you can join in with the collection! You can set up your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it is. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be substituted. This can be a piece of rareness, such as rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item you’re selling on the internet. In simpler terms, you could simply think of an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. You are calling the ownership of the particular item that you posted to the market place, but putting it up for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and then add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and then creating a collection to start! Fill out the proper 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 can finally upload it, if it’s within the 100 MB limit.
It is possible to wait and see how transactions progress from here on out to see if OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering what kind of NFTs can be purchased here, and what you could also sell if you choose to go down that path. The type of NFT that you can purchase is unlimited because there’s a wide range of ways to do it.
You can be selling digital items, trading cards games domain names, even physical assets! Find out what you think will bring the greatest rewards when you try out 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 make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces have this feature, and it is great for you to receive high profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t have this feature This is a further advantage OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for both iOS and Android. Although you aren’t able to purchase or sell things, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal to exchange your fiat money for cryptocurrency using these platforms. Logan Paul Nft
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 many more!
All of these have the option of exchange for ETH that is the most common crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than other. Since it is built on the ETH blockchain, any wallets that share that network will be suitable for this website.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using credit cards. Logan Paul Nft
To know more about it You can go through their FAQs to get a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Available as mobile apps for iOS or 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 world and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Logan Paul Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks 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 who use the platform to market NFTs due to its no gas fees and low commission fee rate you must pay.
You can browse and shop for an array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established in the year of 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark will appear next to your account or the collection you uploaded to reassure any customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you will get only 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared to other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before, there is definitely an official mobile app by OpenSea for both iOS as well as Android. Download it at their respective app store, and then you can begin browsing through the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and get notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).