The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up all over the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and discover the possibilities of OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft And Riot
The purpose of OpenSea was to simply provide an online marketplace for artists to easily upload their commissions without any extra fees. There are additional features that allow you to sell your work without having to deal with many issues.
In terms of registration, you don’t need to provide all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It is also based with the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains that are available it is possible to choose which one you want to transfer your NFT to as an seller. This is to ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist that you admire. Anyone can be a seller however it takes time before anyone can become an established one.
There is a wide variety of NFTs available at OpenSea and you could join in with the collection! You can start your own personal market here, along with finding NFTs you want to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it is. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy is an NFT. A NFT is a non-fungible currency which is extremely exclusive and cannot be changed. It can be an item of any rareness like authentic baseball cards or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object that you can sell online. More straightforwardly, you can just think of the NFT as a digital collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs to your NFTs. It is a way of claiming the owner of the item or token you uploaded on the marketplace, and you’re putting it up for sale. Usually, this becomes official when you have filled in the correct information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and creating a collection to start! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain and payment tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from here on out to determine if OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
In this moment you’re probably thinking about what kind of NFTs can be purchased here and what kind of NFTs you can sell should you decide to go that route. The type of NFT that you can purchase is unlimited since there’s a broad range of options for how to do it.
It is possible to sell trade cards, digital goods game assets, domain names, and even physical assets! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the other options. There are zero gas fees when you utilize this feature when you make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t need to spend on any additional charges.
Very few NFT marketplaces offer this feature, which is why this is a great way to make a huge profit from your collection.
Referral Program
A Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, letting you earn more cash through this action.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on both iOS and Android. Even though you can’t buy or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you to exchange your fiat money for cryptocurrency using these platforms. Nft And Riot
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
All of these have the option of converting them into ETH that is the primary cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets still more compatible with it than others. Since it is built mainly around the ETH blockchain, all wallets with a connection to that network will be suitable for this website.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency with credit cards. Nft And Riot
To learn more about it You can go through their FAQs to see a rundown of how you can begin and also what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces, 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:
Pros
- Available as mobile apps for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
Cons
- Allows royalties 10% for artists (low royalty rates).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a type of payment.
- A Crypto account is needed to access this marketplace.
Pricing
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft And Riot
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists using the platform to market NFTs due to its low cost of gas and low commission fees you must pay.
You can browse and shop for an array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year of 2018. Since its system is built on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned to your account or collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you’ll get only 10 percent of the royalties when you upload the NFT. This is believed to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been widely utilized on this website and many others to accommodate many more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As mentioned before there’s an official mobile app by OpenSea for both iOS as well as Android. You can download it through their app store, and begin exploring the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and get 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/).
