The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft 0X Vrens
The aim for OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions without any extra costs. It has more functions that let you sell your artwork without any issues.
For registration, you won’t have to provide all of your personal details. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for the majority of transactions. It also operates using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains available it is possible to choose which one you want to upload your NFT on as a seller. This will ensure the security of your NFT and those who wish to buy it. Every transaction will be conducted along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to an official artwork from an artist you admire. Anyone can become a seller, but it takes a while for anyone to be an established one.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you could become a part of the collection! You can set up your own market on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can buy is an NFT. The NFT is a non-fungible token which is extremely individual and cannot be replaced. This can be an item of rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. In simpler terms, you could simply consider an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and you’re selling it. Usually, this is recognized after you fill in the proper information regarding the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and simply creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you’d like for it (e.g., blockchain, payments tokens). After that, you can finally upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from now on to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering what kind of NFTs be purchased here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT it is indefinite because there’s a wide range of options for how to go about it.
You could be selling digital items, trading cards, game assets domain names, even physical assets! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from the others. There’s no cost for gas for using this feature to create and market NFTs. This means you’ll get the most profit when you start selling because you won’t need to spend on extra fees.
Very few NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your portfolio.
The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more money through this action.
Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. You can’t buy or sell items as you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency through these platforms. Nft 0X Vrens
You can swap your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option to exchange for ETH that is the standard crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based using the ETH blockchain, any wallets with a connection to that network will be suitable for this site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to buy cryptocurrency using the credit card. Nft 0X Vrens
To learn more about it You can go through their FAQs to see a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- Cannot buy or sell on this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft 0X Vrens
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists using the platform to market NFTs because of its zero cost of gas and the low commission rate that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legit & secure?
Answer: Yes! OpenSea is a reputable marketplace since its inception at the end of the year of 2018. Because its system is built on blockchain technology, it is safe to say that your transactions are protected and secured.
Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark will appear next to your account or any collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties from OpenSea?
As an artist, you’ll be paid only 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be widely used on this site as well as numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea for both iOS as well as Android. Download it at their respective app store and then you can begin browsing through the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications about updates to your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).