The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto coins. Marketplaces are popping up all over the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with 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 will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft-30 Pump
The goal to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions, without having to pay any additional costs. It also has additional functions that allow you to sell your work without having to deal with many issues.
In terms of registration, you don’t need to give all of your personal details. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It is also based on the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains available it is possible to choose which one you want to publish your NFT as seller. This is to ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted by using the 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 for other NFTs. You can buy anything the simplest domain name, to a piece of art by an artist you admire. Anyone can sell, but it takes some time before anyone can become an established seller.
There’s a huge selection of NFTs available on OpenSea and you can become a part of that! You can set up your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t exactly sure what it means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy includes an NFT. The NFT is a token that is non-fungible which is extremely individual and cannot be changed. It can be an item of any rarity like mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible object that you can sell online. In simpler terms, you could just imagine the NFT as a digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the ownership of the particular item that you posted to the marketplace, and offering it for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and simply making a collection to begin! Input the appropriate and complete information about your NFT and select the type of settings you want to use it with (e.g., blockchain, money transfer tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from now on to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering the kind of NFTs can you shop for here and what you can sell should you decide to go down that path. The kind of NFT that you can purchase isn’t limited because there’s a wide range of options for how to do it.
You could be selling digital items, trading cards games, domain names, and even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the others. There are zero gas fees when you use this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you sell because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces have this feature, and it can be a fantastic way to earn a high return from your NFT collection.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you make more money by this method.
Other NFT marketplaces do not have the same feature This is a further benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available for both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency using these platforms. Nft-30 Pump
You can convert your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
All of these have the option of exchange for ETH that is the standard crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built around an ETH blockchain, any wallets which are part of this network are appropriate for the site.
Here’s a list of different crypto wallets you can utilize 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, such as easy registration, only mobile usage, and the function to purchase cryptocurrency using the credit card. Nft-30 Pump
To know more about it You can go through their FAQs to get the steps you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros 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 backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft-30 Pump
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its low gas fees and low commission fees you must pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are protected and secured.
Additionally, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will appear on your account or the collection you uploaded to reassure any customer. OpenSea’s team regularly reviews 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 with others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is commonly used on this site as well as numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile app by OpenSea that is available for iOS as well as Android. Download it at their respective app store and begin exploring the collection now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts as well as receive notifications about updates to 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/).