Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. Markets have popped up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to watch 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 Massthetic Nft Arms
The purpose of OpenSea was to simply provide an online marketplace for artists to upload their commissions with no additional fees. It also has additional functions that allow you to sell your art without too many issues.
When it comes to registration, you won’t have to give 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 without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for most processes. It also operates with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains that are 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, along with the people who want to buy it. All transactions are made by using the blockchain, so you should 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 NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name, to a piece of art by an artist you admire. Anyone can become a seller however, it takes some time for anyone to become a reputable one.
There’s a huge selection from the selection at OpenSea and you could also be a part of that! You can create your own marketplace here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials have heard of it but aren’t sure exactly what it actually means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. The NFT is a token that is non-fungible that is individual and cannot be substituted. It can be a piece of rareness, such as rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can simply think of as an NFT as a digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You’re claiming the ownership of the particular item that you posted to the market place, but putting it up for sale. Usually, this is recognized 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 create a collection! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain and payment tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how transactions progress from here on out to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering the kind of NFTs can be purchased here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT it can be is unlimited since there’s a broad range of ways to go about it.
You could be selling digital items, trading cards game assets domain names, also physical goods! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from other companies. There’s no cost for gas for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you 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, so this can be a fantastic way to make a huge profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there 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 offer this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS as well as Android. Even though you can’t buy or sell anything, you can still explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use You can also convert your fiat money into cryptocurrency using these platforms. Massthetic Nft Arms
You can exchange the fiat currency you have with a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
Each of them has the option of exchange for ETH which is the standard crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based using the ETH blockchain, any wallets with a connection to this network are appropriate for this site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage, and the function to purchase cryptocurrency with credit cards. Massthetic Nft Arms
To learn more about it You can go through their FAQs to get an overview of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros 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.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- Cannot buy or sell on this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Massthetic Nft Arms
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online to receive cryptocurrency as a form of payment. It’s a great option for artists who want to use for selling NFTs because of its zero gas fees and low commission fees which you are required to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year 2018. Since its system is built on blockchain technology, it is safe to declare that transactions are safe and secure.
Furthermore as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear next to your account or collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you can receive only up to 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared against other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and many others to accommodate more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea available for both iOS or Android. Download it at their respective app store and you can start browsing through the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).