The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s explore what you can do with OpenSea, along with checking the NFTs that you can see!
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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Art.X
The purpose to create OpenSea was to provide artists with a marketplace/platform to upload their commissions without any extra costs. It also has additional functions that let you sell your work without having to deal with many problems.
When it comes to registration, you don’t need to provide 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 going through many hassles when you enter 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, which is the system that runs it, and this is used to carry out the majority of processes. It is also based with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains that are available it is possible to choose which one you want to publish your NFT as an seller. This ensures the safety of your NFT and those who wish to purchase it. All transactions are made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name, to a piece of art from an artist that you admire. Anyone can sell however, it takes time before anyone can become an established one.
There are a variety of NFTs in the collection on OpenSea and you could also be a part of that! You can start your own personal market there, and also find NFTs you want to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things you can buy is an NFT. The NFT is a non-fungible token that is exclusive and cannot be changed. It could be an item of any rareness like rare baseball trading cards in mint condition, or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item that you sell online. In simpler terms, you could simply consider an NFT as a digital collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling the shots for your personal NFTs. It is a way of claiming the ownership of the particular item you uploaded on the market place, but selling it. Usually, this is recognized once you fill out the proper information regarding the NFT and then add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and simply create a collection! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain and payments tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see how the transactions go from now on to determine if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
In this moment you’re probably asking yourself what kind of NFTs can be purchased here and what kind of NFTs you can also sell if you choose to go that route. The kind of NFT it can be isn’t limited as there’s a variety of how you can do it.
You can be selling digital products, trading cards game assets, domain names, and also physical goods! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from other companies. There are zero gas fees for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t need to spend on any additional charges.
Not many NFT marketplaces provide this feature, which is why this is great for you to make a huge profit from your portfolio.
Referral Program
This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, letting you earn more money through this action.
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 application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on both iOS and Android. While you’re not able to buy or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use to trade your fiat currency for cryptocurrency using these platforms. Nft Art.X
You can swap your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and more!
Each of them has the option of exchange for ETH that is the standard crypto payment in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly using the ETH blockchain, wallets that share this network are appropriate for this site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only, and the function to buy cryptocurrency using the credit card. Nft Art.X
To know more about it You can go through their FAQs to get an overview 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 comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
Pros
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
Cons
- Allows royalties 10% for artists (low royalties).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto wallet is required to use this marketplace.
Pricing
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. But overall, you can quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Art.X
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs due to its no gas costs and low commission fees that you have to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded at the end of the year 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark is placed next to your account or the collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties from OpenSea?
As an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison to other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and other sites to provide many more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or 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 that is available for iOS or Android. Install it from their app store, and begin exploring the collection now!
The Desktop application 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 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/).
