The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re interested in crypto, you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out 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 of OpenSea.
OpenSea as an NFT Marketplace Nft Assets
The aim to create OpenSea was to simply provide a platform/marketplace for artists to upload their commissions with no additional charges. It also has additional functions which allow you to market your work without having to deal with many issues.
When it comes to the registration process, you don’t have to give 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 popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also functions on the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains you can pick which one you would like to publish your NFT as a seller. This is to ensure the security of your NFT as well as those who wish to buy it. All transactions will be made along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist you admire. Anyone can sell however, it takes a while for anyone to be an established seller.
There is a wide variety of NFTs available at OpenSea, and you can join in with the collection! You can create your own marketplace 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” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can buy is an NFT. An NFT is a token that is non-fungible which is extremely individual and cannot be replaced. This can be an item of any rareness, such as rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you can sell online. It is simpler to just consider an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is similar to calling for dibs on your own NFTs. You are calling ownership over that particular token/item that you posted to the market place, but you’re offering it for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and then create a collection! Complete the correct and complete information about your NFT and select the type of settings you’d like to use it with (e.g., blockchain or payments tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
You can watch and see how the transactions go from here on out to determine whether OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
At this point you’re probably thinking about what kind of NFTs be found here, and what you could also sell if you choose to pursue that route. The kind of NFT it can be isn’t limited because there’s a wide range of options for how to approach it.
You could be selling digital items, trading cards, game assets domain names, even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the other options. There’s no cost for gas for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t have to spend on extra fees.
Not many NFT marketplaces provide this feature, and it can be a fantastic way to make a huge profit from your NFT collection.
Referral Program
A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets, you can receive rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t have this feature, so that’s just another advantage OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it’s mostly used to browse through the marketplace. You can’t buy or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency using these platforms. Nft Assets
You can swap the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
All of these have the option of converting them into ETH which is the most common cryptocurrency payment option in OpenSea.
Crypto Wallets
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built using the ETH blockchain, any wallets that share that network will be suitable for the site.
Here is a list of different crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage, and the function to purchase cryptocurrency with credit cards. Nft Assets
For more information about the service You can go through their FAQs for the steps you can start and also 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 advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
Pros
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts can be used to perform 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 of only 10% for artists (low royalties).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed to use this marketplace.
Pricing
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are 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 actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Assets
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online and receive cryptocurrency as a form of payment. It’s a great platform for artists who use it to sell NFTs due to its low gas costs and low commission fee rate that you have to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year of 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
Furthermore, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed next to your account or any collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties from OpenSea?
As an artist, you’ll get only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared against the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and numerous others to cater for many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier There is an official mobile app from OpenSea for both iOS as well as Android. Install it from their app store and then you can begin exploring the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. With 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/).
