The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out 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.
OpenSea as an NFT Marketplace Nft 66-004
The purpose for OpenSea was to simply provide an online marketplace for artists to upload commissions, without having to pay any additional fees. There are additional features that let you sell your work without having to deal with many difficulties.
For 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 on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also functions using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains it is possible to choose which one you would like to upload your NFT on as an seller. This is to ensure the security of your NFT and those who would like to purchase it. All transactions are made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist that you admire. Anyone can sell however it takes a while before anyone can become a reputable one.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you can also be a part of that! You can set up your own market on this site, as well as find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the crypto market the term “NFT” has been going around for so long on the internet that many millennials are familiar with it , but not exactly sure what it actually means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible currency that is individual and cannot be replaced. This can be an item of rareness like mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing you’re selling online. It is simpler to simply think of the NFT being a virtual item that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs on your own NFTs. It is a way of claiming the owner of the item or token that you posted to the marketplace, and you’re offering it for sale. Usually, this is recognized when you have filled in the correct information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and then create a collection! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain or payments tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from now to see whether OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs be purchased here, and what you could also sell if you decide to pursue that route. The kind of NFT it isn’t limited as there’s a variety of how you can do it.
You could be selling digital products, trading cards, game assets domain names, some physical items! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t have to spend on any additional charges.
Not many NFT marketplaces offer this feature, and it can be a fantastic way to make a huge profit from your portfolio.
Referral Program
The Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces there are benefits when you refer someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, letting you make more money from this act.
Other NFT marketplaces don’t have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps of OpenSea are available for both iOS in addition to Android. Even though you can’t buy or sell something, 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, and you can trade your fiat currency for cryptocurrency on these platforms. Nft 66-004
You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and more!
All of these have the option of converting them into ETH, which is the most common cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly on the ETH blockchain, all wallets which are part of the same network are suitable for this website.
Here’s a list different crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage, and the function to purchase cryptocurrency using the credit card. Nft 66-004
For more information about the service You can go through their FAQs to see an overview of how you can start and which other wallets are compatible with OpenSea.
> > Click Here to Explore 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 cons here:
Pros
- Mobile apps are available for iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
Cons
- Allows royalties of only 10% to artists (low royalties).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- A Crypto wallet is required to access this marketplace.
Pricing
OpenSea is available to anyone who has crypto coins in their crypto 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 recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft 66-004
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists using the platform to market NFTs due to its no gas fees and the low commission rate that you have to pay.
You can shop and browse an array of digital items on the NFT marketplace and you must take a look!
Is OpenSea real and secure?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in 2018. Since its system is based on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
In addition as a seller you will be verified after you have built up your credibility. A blue checkmark is placed next to your account or collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be widely utilized on this website and numerous others to cater for the increasing number of crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can use to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using 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 app?
As mentioned before there’s an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store and you can start browsing through the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications on updates regarding 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/).
