The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and discover what you can do with 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 review. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Make A Tower Nft System
The goal for OpenSea was to provide artists with a marketplace/platform to easily upload their commissions without any extra fees. It also has additional functions that allow you to sell your art without too many issues.
In terms of the registration process, you don’t have to provide any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for the majority of transactions. It also operates on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains you can pick which one you would like to publish your NFT as a seller. This will ensure the security of your NFT as well as those who wish to buy it. All transactions are made by using the blockchain, so you should think about where you should 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 the simplest domain name, to a piece of art from an artist that you admire. Anyone can sell however, it takes time for anyone to be a reputable one.
There is a wide variety of NFTs available at OpenSea, and you can join in with this! You can start your own personal market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials are familiar with it , but aren’t exactly sure what it is. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible token that is very unique and can’t be changed. It can be an item of rarity like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible item you’re selling on the internet. It is simpler to just think of an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to market, as putting it up for sale. Typically, this is official once you fill out all the necessary information about the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and simply creating a collection to start! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain, payments tokens). After that, you can finally upload it if it fits the limit of 100MB.
You can watch and see the way transactions are handled from now on to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about which kind of NFT can be found here, and what you could sell should you decide to go down that path. The kind of NFT that you can purchase isn’t limited as there’s a variety of options for how to go about it.
You could be selling digital items, trading cards game assets domain names, also physical goods! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs when you utilize this feature to create and market NFTs. This simply means that you’ll get the most profit when you sell because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, and it can be a fantastic way to earn a high return from your NFT collection.
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can make more money through this action.
Other NFT marketplaces don’t offer this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available on both iOS as well as Android. Even though you can’t buy or sell something, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency through these platforms. Make A Tower Nft System
You can exchange the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
All of these have the option of converting them into ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly using the ETH blockchain, any wallets with a connection to this network are appropriate for the site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with credit cards. Make A Tower Nft System
To know more about it, you can check their FAQs to get the steps you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Make A Tower Nft System
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online and receive cryptocurrency as a form of payment. It’s a great platform for artists who use for selling NFTs due to its no cost of gas and the low commission rate which you are required to pay.
You can browse and shop for an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year of 2018. Because its system is based on a blockchain, it is safe to declare that transactions are secure and safe.
In addition as a seller you will be verified after you have built up your credibility. A blue checkmark will appear on your account or any collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you can get only 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as other sites to provide more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete 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. You can download it through their app store and begin browsing through the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts as well as receive notifications about updates to 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/).