Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. Markets have popped up all over the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and let’s explore the possibilities of OpenSea, along with checking 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 of OpenSea.
OpenSea as an NFT Marketplace Mark Cuban Nft
The goal of OpenSea was to simply provide an online marketplace for artists to upload commissions without any extra fees. There are additional features that allow you to sell your art without too many issues.
When it comes to registration, you won’t have 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 with OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also functions with the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains available you can pick which one you want to publish your NFT as an seller. This ensures the safety of your NFT, along with the people who want to buy it. All transactions will be made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist that you admire. Anyone can sell, but it takes a while for anyone to become an established seller.
There is a wide variety of NFTs available at OpenSea and you could also be a part of this! You can start your own marketplace here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t sure exactly what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can buy can be an NFT. A NFT is a non-fungible currency that is unique and can’t be replaced. This can be an item of any rarity like authentic baseball cards or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item that you sell online. In simpler terms, you could just consider as an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You are calling ownership over that particular token/item you uploaded on the marketplace, and you’re putting it up for sale. Usually, this is recognized once you fill out the correct information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and simply making a collection to begin! Input the appropriate and complete information about your NFT and then select what type of settings you want to use it with (e.g. blockchain, payment tokens). After that, you can finally 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 here on out to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself the kind of NFTs can be purchased here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT that you can purchase is unlimited since there’s a broad range of ways to do it.
You could be selling trade cards, digital goods game assets domain names, also physical goods! Consider what you believe will yield the most profit by experimenting with 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 use this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you won’t have to spend on additional fees.
Not many NFT marketplaces provide this feature, which is why this is great for you to make a huge profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces there are rewards when you refer your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, letting you earn more cash by this method.
Other NFT marketplaces don’t offer this kind of feature either and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly 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 the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also trade your fiat currency for cryptocurrency on these platforms. Mark Cuban Nft
You can exchange the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option to exchange for ETH that is the primary crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Because it is based using an ETH blockchain, any wallets that share this network are appropriate for this website.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency with a credit card. Mark Cuban Nft
For more information about the service, you can check their FAQs to get the steps you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Mark Cuban Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists who use for selling NFTs because of its zero cost of gas and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace and you must take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year of 2018. Since its system is based on a blockchain that is secure, you can claim that your transactions are safe and secure.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear to your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you can receive only up to 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared against other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been widely utilized on this website and other sites to provide more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before, there is definitely an official mobile app from OpenSea for both iOS or Android. Download it at their respective app store, and then you can begin exploring the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and receive notifications on updates regarding 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/).