The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto-coins. There are numerous marketplaces popping up across the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is among 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 cryptocurrency users because of its security and quick transactions.
Get on board, and let’s see the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft 470
The goal of OpenSea was to offer artists with a marketplace/platform to upload their commissions without any extra charges. It has more functions which allow you to market your work without having to deal with many problems.
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 cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It also operates with the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains it is possible to choose which one you’d like to upload your NFT on as a seller. This will ensure the security of your NFT, along with those who would like to purchase it. All transactions are made using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to official art from an artist you admire. Anyone can be a seller, but it takes a while before anyone can become an established one.
There’s a huge selection from the selection of NFTs available at OpenSea, and you can become a part of the collection! You can create your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is very individual and cannot be changed. It can be an item of rarity like authentic baseball cards or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible object that you can sell on the internet. It is simpler to just consider the NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You are calling ownership over that particular token/item that you have uploaded to the marketplace, and putting it up for sale. Usually, this becomes official when you have filled in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and create a collection! Fill out the proper and complete information about your NFT and then select what type of settings you want for it (e.g. blockchain, money transfer tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how transactions progress from here on out to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about which kind of NFT be found here, and what you could sell should you decide to go down that path. The type of NFT it is indefinite since there’s a broad range of how you can approach it.
You can be selling digital items, trading cards, game assets domain names, some physical items! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the other options. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, so this can be a fantastic way to make a huge profit from your collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency on these platforms. Nft 470
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and more!
Each of them has the option of converting them into ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than others. Because it is based using an ETH blockchain, any wallets with a connection to that network will be suitable for the site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage as well as the capability to buy cryptocurrency using a credit card. Nft 470
For more information about the service, you can check their FAQs to get the steps you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- Cannot buy or sell through this mobile application.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft 470
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists using the platform to market NFTs due to its no cost of gas and low commission fee rate that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Because its system is based on a blockchain that is secure, you can say that your transactions are protected and secured.
In addition as a seller you will be verified after you build up your reputation. A blue checkmark will appear on your account or collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is widely used on this site and many others to accommodate many more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store, and begin exploring the collection now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).