The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s see the possibilities of OpenSea and also see the NFTs that you can see!
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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft 14 Year Old
The purpose for OpenSea was to offer an online marketplace for artists to upload their commissions with no additional fees. It has more functions that allow you to sell your artwork without any difficulties.
In terms of 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 with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It is also based using the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains you can pick which one you would like to transfer your NFT to as an seller. This will ensure the security of your NFT as well as the people who want 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 is like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art by an artist you admire. Anyone can be a seller, but it takes some time for anyone to be an established one.
There’s a huge selection of NFTs available at OpenSea, and you can also be 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 market, the term “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t sure exactly what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible token that is very exclusive and cannot be substituted. It could be an item of any rareness, such as authentic baseball cards, or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible item you’re selling online. More straightforwardly, you can just imagine the NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the owner of the item or token that you posted to the market place, but putting it up for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and create a collection! Fill out the proper and accurate information about your NFT and select the type of settings you’d like to use it with (e.g. blockchain, payments tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how the transactions go from now to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself the kind of NFTs can be purchased here, and what you could also sell if you choose to pursue that route. The kind of NFT it isn’t limited 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, and some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from the other options. There are no gas costs for using this feature to make and then sell the NFTs. This means you’ll get the most profit when you start selling because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces provide this feature, which is why this is a great way to make a huge profit from your NFT collection.
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which means you can make more money through this action.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. While you’re not able to 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 for you to use, and you can trade your fiat currency for cryptocurrency through these platforms. Nft 14 Year Old
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option of exchange for ETH which is the most common cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based on the ETH blockchain, wallets which are part of that network will be suitable for this site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency using credit cards. Nft 14 Year Old
To learn more about it to learn more, check out their FAQs to see the steps you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only 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.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee 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 Nft 14 Year Old
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s a great platform for artists who use it to sell NFTs due to its no gas fees and the low commission rate you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace and you must go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded at the end of the year 2018. Because its system is built on a blockchain that is secure, you can claim that your transactions are safe and secure.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark is placed to your account or any collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are safe.
How do I earn royalties from OpenSea?
As an artist, you can get only 10% of the royalties once you upload the NFT. This is thought to be quite low in comparison against others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is frequently used on this site and many others to accommodate many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned, there is definitely an official mobile application from OpenSea available for both iOS as well as Android. You can download it through their app store, and begin exploring the collection now!
The desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts as well as receive 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/).