Cryptocurrency is booming 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 sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and discover the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Academy Boise
The aim of OpenSea was to provide a platform/marketplace for artists to upload commissions without any extra charges. It also has additional functions that allow you to sell your art without too many problems.
When it comes to registration, you don’t need to provide any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for most processes. It also functions with the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains that are available you can pick which one you’d like to transfer your NFT to as a seller. This will ensure the security of your NFT as well as the people who want to buy it. All transactions will be made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to official art from an artist that you admire. Anyone can become a seller however it takes some time for anyone to become an established seller.
There are a variety of NFTs from the selection on OpenSea, and you can become a part of this! You can set up your own marketplace there, and also find NFTs that you would like to purchase for 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 so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy includes an NFT. A NFT is a non-fungible token that is very unique and can’t be replaced. It can be a piece of rareness, such as authentic baseball cards or rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item that you sell online. More straightforwardly, you can just imagine the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling the shots for your personal NFTs. You’re claiming the ownership of the particular item that you posted to market, as you’re offering it for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and then add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and simply making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use for it (e.g., blockchain, payments tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled from now on to see if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
So, at this point, you’re probably wondering which kind of NFT be found here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT that you can purchase is unlimited as there’s a variety of ways to do it.
It is possible to sell digital items, trading cards games, domain names, and even physical assets! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees when you use this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t need to spend on extra fees.
Very few NFT marketplaces provide this feature, which is why this can be a fantastic way to make a huge profit from your portfolio.
Referral Program
The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer rewards by referring a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t have the same feature and that’s another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Even though you can’t buy or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency on these platforms. Nft Academy Boise
You can exchange your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and other things!
All of them have the option of exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.
Crypto Wallets
Although OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than other. Since it is built around the ETH blockchain, all wallets that share this network are appropriate for the site.
Here is a list of several crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- 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, mobile-only usage and the ability to purchase cryptocurrency with credit cards. Nft Academy Boise
To learn more about it, you can check their FAQs to get an overview of how you can begin and what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
Pros
- Mobile apps are available for iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
Cons
- Allows royalties 10% for artists (low royalty rates).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- A Crypto account is needed to use this marketplace.
Pricing
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 Academy Boise
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists using it to sell NFTs due to its no gas fees and low commission fees you must pay.
You can shop and browse an array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year of 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are safe and secure.
Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark is placed to your account or the collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you can receive only up to 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is widely utilized on this website and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile app from OpenSea available for both iOS as well as Android. You can download it through their app store, and begin exploring the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to 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/).
