The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s explore the possibilities of OpenSea and also see the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Motown Christmas Show At The Nft Theater In Myrtle Beach South Carolina
The aim to create OpenSea was to simply provide a platform/marketplace for artists to upload their commissions without any extra fees. It also has additional functions which allow you to market your work without having to deal with many difficulties.
In terms of registration, you won’t have to give any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It also operates on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains it is possible to choose which one you would like to transfer your NFT to as an seller. This is to ensure the security of your NFT and those who wish to purchase it. All transactions will be made by using the 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 trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can be a seller, but it takes time before anyone can become an established seller.
There’s a huge selection in the collection on OpenSea and you can become a part of the collection! You can set up your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t exactly sure 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 token that is very unique and can’t be substituted. It could be a piece of rareness like rare baseball trading cards in mint condition, or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible object that you can sell online. More straightforwardly, you can simply think of an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You’re claiming the ownership of the particular item that you have uploaded to the market place, but you’re selling it. Typically, this is official when you have filled in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and simply create a collection! Fill out the proper and accurate information about your NFT and select the type of settings you want for it (e.g., blockchain or money transfer tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from now to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering what kind of NFTs can be found here and what you can also sell if you choose to go that route. The kind of NFT that you can purchase isn’t limited since there’s a broad range of ways to approach it.
It is possible to sell digital products, trading cards games domain names, even physical assets! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from other companies. There are no gas costs when you use this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t need to spend on any additional charges.
Very few NFT marketplaces provide this feature, which is why this is a great way to earn a high return from your portfolio.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you earn more money by this method.
Other NFT marketplaces do not have this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Although you aren’t able to purchase or sell things, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency on these platforms. Motown Christmas Show At The Nft Theater In Myrtle Beach South Carolina
You can convert your fiat currency using a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
Each of them has the option to exchange for ETH which is the primary crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets still more compatible with it than other. Since it is built using an ETH blockchain, wallets which are part of that network will be suitable for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage and the ability to purchase cryptocurrency with a credit card. Motown Christmas Show At The Nft Theater In Myrtle Beach South Carolina
For more information about the service You can go through their FAQs to get a rundown of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty).
- It is not possible to buy or sell items on our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has any crypto currency 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 quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Motown Christmas Show At The Nft Theater In Myrtle Beach South Carolina
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to sell their works online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its low cost of gas and low commission fee rate you must pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year of 2018. Because its system is based on a blockchain that is secure, you can declare that transactions are protected and secured.
Additionally as a seller you will be verified after you build up your reputation. A blue checkmark is placed next to your account or collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you can be paid only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be widely used on this site as well as many others to accommodate more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on 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 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 begin exploring the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and receive 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/).