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 one of them and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and discover what you can do with OpenSea and also see the NFTs available to view!
Before you go on, you may want to check out 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.
OpenSea as an NFT Marketplace Nft Advertising
The aim to create OpenSea was to simply provide artists with a marketplace/platform to upload their commissions with no additional fees. It has more functions that let you sell your work without having to deal with many difficulties.
In terms of registration, you won’t have to give too many details about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most widely-used 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 to ensure low-cost and quicker trading.
There are two types of blockchains available it is possible to choose which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT, along with those who wish to purchase it. All transactions are made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to official art by an artist you admire. Anyone can become a seller, but it takes some time before anyone can become a reputable one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you can join in with the collection! You can set up your own personal market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is very unique and can’t be replaced. It could be an item of any rarity like rare baseball trading cards in mint condition or uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object that you sell on the internet. It is simpler to simply consider the NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You are calling the ownership of the particular item that you have uploaded to the market place, but you’re offering it for sale. Usually, this is recognized once you fill out the correct information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and simply making a collection to begin! Complete the correct and correct information regarding your NFT and then select what type of settings you want for it (e.g., blockchain or payment tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about the kind of NFTs be found here and what you can also sell if you choose to pursue that route. The type of NFT it can be is unlimited because there’s a wide range of ways to do it.
You could be selling trade cards, digital goods, game assets, domain names, and also physical goods! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the others. There’s no cost for gas for using this feature to make and then sell the NFTs. This means you’ll get the most profit when you sell because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces have this feature, and it is great for you to earn a high return from your NFT collection.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which means you can earn more money by this method.
Other NFT marketplaces don’t offer the same feature This is a further benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency through these platforms. Nft Advertising
You can exchange your fiat money via the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option to exchange for ETH that is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly on an ETH blockchain, wallets that share the same network are suitable for this site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency with a credit card. Nft Advertising
To learn more about it, you can check their FAQs for a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Advertising
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use for selling NFTs due to its low gas costs and low commission fee rate which you are required to pay.
You can shop and browse an array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception in 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 that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are safe.
How can I earn royalties on OpenSea?
As an artist, you can get only 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as numerous others to cater for more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on 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 or mobile app?
As mentioned before there’s an official mobile app from OpenSea available for both iOS and Android. You can download it through their app store, and you can start browsing through the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and 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/).