Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking the NFTs available to view!
Before you continue, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace New Nft Canada
The aim of OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional fees. It also has additional functions that allow you to sell your artwork without any issues.
For the registration process, you don’t have to worry about giving any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains it is possible to choose which one you would like to publish your NFT as seller. This will ensure the security of your NFT as well as the people who want to buy it. Every transaction will be conducted along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art by an artist you admire. Anyone can sell however, it takes some time for anyone to become an established seller.
There are a variety of NFTs of NFTs available on OpenSea, and you can join in with that! You can set up your own marketplace on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry”NFT,” a popular term in the crypto industry “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 actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible currency that is very exclusive and cannot be changed. It can be a piece of rareness like mint-condition baseball trading cards or unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible item that you sell on the internet. It is simpler to simply imagine an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming the owner of the item or token that you have uploaded to market, as putting it up for sale. Typically, this is official when you have filled in the proper information regarding the NFT and then add it on the market.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and simply making a collection to begin! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain, payments tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe how transactions progress from now to determine if OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself what kind of NFTs can be found here, and what you could also sell if you decide to pursue that route. The kind of NFT it can be isn’t limited because there’s a wide range of options for how to do it.
You could be selling digital items, trading cards game assets domain names, even physical assets! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the others. There are zero gas fees when you use this feature when you create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t have to spend on any additional charges.
Not many NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your NFT collection.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which means you can earn more cash through this action.
Other NFT marketplaces do not have this feature and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. While you’re not able to buy or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to trade your fiat currency for cryptocurrency through these platforms. New Nft Canada
You can convert 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 standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than others. Since it is built using the ETH blockchain, wallets which are part of the same network are suitable for the site.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only, and the function to purchase cryptocurrency using the credit card. New Nft Canada
To learn more about it to learn more, check out their FAQs to get an overview of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- Cannot buy or sell through our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions New Nft Canada
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online and receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its low cost of gas and low commission fee rate you must pay.
You can shop and browse an array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception at the end of the year 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to declare that transactions are safe and secure.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed on your account or collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties on OpenSea?
As an artist, you can be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared with others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and other sites to provide many more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before, there is definitely an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store and then you can begin browsing through the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and get notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).