The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto-coins. Marketplaces are popping up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s see the possibilities of OpenSea, along with checking what NFTs you can view!
Before you go on, 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Minecraft Nft
The aim for OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional fees. There are additional features that allow you to sell your art without too many difficulties.
For registration, you won’t have to worry about giving too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency 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 to carry out the majority of processes. It also operates using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains that are available you can pick which one you’d like to transfer your NFT to as seller. This will ensure the security of your NFT as well as those who wish to purchase it. Every transaction will be conducted by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist you admire. Anyone can sell, but it takes a while for anyone to become an established one.
There are a variety of NFTs from the selection at OpenSea, and you can also be a part of that! You can start your own personal market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible currency which is extremely exclusive and cannot be substituted. It could be an item of any rarity like authentic baseball cards or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item that you can sell on the internet. It is simpler to simply think of an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and you’re putting it up for sale. Typically, this is official once you fill out the proper information regarding the NFT and add it on the market.
On OpenSea, it’s a simple process to mint 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 select the type of settings you want to use it with (e.g., blockchain, payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from now on to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering what kind of NFTs be found here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT it isn’t limited since there’s a broad range of how you can go about it.
You can be selling digital items, trading cards games, domain names, and also physical goods! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from the other options. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This means you’ll get the most profit when you start selling because you won’t have to spend on additional fees.
Very few NFT marketplaces provide this feature, which is why this is a great way to make a huge profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, which allows you to earn more cash by this method.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps of OpenSea are available on both iOS in addition to Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency through these platforms. Minecraft Nft
You can exchange your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option of converting them into ETH, which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly around an ETH blockchain, wallets that share this network are appropriate for this site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage and the ability to purchase cryptocurrency with the credit card. Minecraft Nft
To know more about it You can go through their FAQs for a rundown of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has 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 are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalties).
- It is not possible to buy or sell items via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Minecraft Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its low cost of gas and the low commission rate which you are required to pay.
You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year 2018. Since its system is built on a blockchain, 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 be assigned next to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared with other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and other sites to provide many more crypto users. Here are the other cryptocurrencies 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 trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS as well as Android. You can download it through their app store, and you can start browsing through the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts as well as receive alerts on any updates that affect 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/).