The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nfc W Telefonie
The aim for OpenSea was to provide artists with a marketplace/platform to upload their commissions without any extra charges. There are additional features which allow you to market your artwork without any issues.
In terms of 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 on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used to carry out the majority of processes. It also functions using the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains available it is possible to choose which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT, along with those who would like to buy it. All transactions will be made using this blockchain, which is why you need to 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 from an artist you admire. Anyone can sell however, it takes some time before anyone can become an established one.
There’s a huge selection from the selection on OpenSea and you could become a part of that! You can create your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto market the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but not exactly sure what it is. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the new things you can buy includes an NFT. An NFT is a token that is non-fungible that is exclusive and cannot be changed. It can be an item of any rareness, such as rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible item that you can sell on the internet. In simpler terms, you could simply think of as an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. You are calling the ownership of the particular item you uploaded on market, as you’re offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and then add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and then creating a collection to start! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like for it (e.g. blockchain, payment tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from here on out to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about what kind of NFTs you shop for here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT it isn’t limited because there’s a wide range of how you can go about it.
You can be selling digital items, trading cards, game assets, domain names, and also physical goods! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas when you use this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t have to spend on any additional charges.
Not many NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your portfolio.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are benefits when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t offer this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available for both iOS as well as Android. Even though you can’t buy or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency using these platforms. Nfc W Telefonie
You can swap the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option of exchange for ETH, which is the most common crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are nonetheless more compatible than other. Since it is built using an ETH blockchain, wallets that share that network will be suitable for this website.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency using the credit card. Nfc W Telefonie
To learn more about it You can go through their FAQs to see a rundown of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nfc W Telefonie
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists using for selling NFTs due to its no cost of gas and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year 2018. Since its system is built on a blockchain that is secure, you can declare that transactions are safe and secure.
Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed on your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared to other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site and numerous others to cater for many more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier there’s an official mobile application from OpenSea that is available for iOS and Android. Install it from their app store and then you can begin browsing through the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).