The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto currency. Markets have popped up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard about 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 rapid transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft 7S
The aim to create OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional costs. It has more functions that allow you to sell your art without too many difficulties.
When it comes to the registration process, you don’t have to worry about giving too many details about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains that are available you can pick which one you want to publish your NFT as seller. This will ensure the security of your NFT and those who would like 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 is like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist that you admire. Anyone can be a seller however, it takes a while for anyone to be a reputable one.
There is a wide variety from the selection on OpenSea and you can become a part of this! You can create your own market here, along with finding NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible token which is extremely exclusive and cannot be changed. It can be an item of any rarity like mint-condition baseball trading cards or unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can just think of as an NFT being a virtual collectible paid via cryptocurrency only.
Minting NFTs
Minting is like calling the shots on your own NFTs. You’re claiming the ownership of the particular item that you posted to the market place, but you’re putting it up for sale. Typically, this is official when you have filled in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like for it (e.g. blockchain and payments tokens). After that, you can finally upload it if it fits the 100 MB limit.
You can watch and see how transactions progress from now on to determine if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
In this moment, you’re probably wondering which kind of NFT be found here, and what you could sell should you decide to go down that path. The kind of NFT it can be isn’t limited as there’s a variety of how you can go about it.
You could be selling digital items, trading cards games domain names, even physical assets! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the others. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t have to spend on any additional charges.
Very few NFT marketplaces provide this feature, so this is great for you to earn a high return from your portfolio.
Referral Program
A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you make more money through this action.
Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly 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 on both iOS in addition to Android. While you’re not able to buy or sell things, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use to trade your fiat currency for cryptocurrency using these platforms. Nft 7S
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and many more!
Each of them has the option of exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly on an ETH blockchain, all wallets with a connection to that network will be suitable for the site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage as well as the capability to purchase cryptocurrency using the credit card. Nft 7S
For more information about the service to learn more, check out their FAQs to see the steps you can begin and what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
Pros
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
Cons
- Allows royalties up to 10% for artists (low royalty rates).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed for this marketplace.
Pricing
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft 7S
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists using the platform to market NFTs due to its low gas costs and the low commission rate that you have to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year 2018. Since its system is built on blockchain technology and is secured, it is safe to declare that transactions are secure and safe.
Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear to your account or the collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared against others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile application from OpenSea available for both iOS as well as Android. You can download it through their app store and you can start browsing through the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive 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/).
