Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up all over the digital web designed to purchase 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 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 rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea and also see the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Atlanta 2021
The purpose for OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. There are additional features that let you sell your work without having to deal with many issues.
For registration, you won’t have to provide too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for the majority of transactions. It is also based on the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as a seller. This ensures the safety of your NFT and those who would like to purchase it. All transactions are made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes time for anyone to be a reputable one.
There’s a huge selection from the selection on OpenSea and you can also be a part of this! You can create your own market on this site, as well as find NFTs you want to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto market, the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but not exactly sure what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is exclusive and cannot be substituted. It can be an item of any rarity like rare baseball trading cards in mint condition or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item you’re selling online. In simpler terms, you could just imagine the NFT as a digital collectible paid via cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the ownership of the particular item that you posted to the market place, but you’re selling it. Usually, this is recognized after you fill in the correct information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and simply making a collection to begin! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain or money transfer tokens). Once that’s all done then you’re 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 whether OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
At this point you’re probably thinking about what kind of NFTs be found here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT it is indefinite as there’s a variety of how you can 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 bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the other options. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t need to spend on additional fees.
There aren’t 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 be admired. Similar to traditional online markets, you can receive rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you earn more cash from this act.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency using these platforms. Nft Atlanta 2021
You can swap your fiat money via 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 them have the option to exchange for ETH which is the primary crypto payment in OpenSea.
Crypto Wallets
Although OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly around the ETH blockchain, wallets which are part of that network will be suitable for the site.
Here’s a list different crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only and the ability to buy cryptocurrency using a credit card. Nft Atlanta 2021
To learn more about it to learn more, check out their FAQs to get a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
Pros
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
Cons
- Allows royalties 10% to artists (low royalties).
- You cannot buy or sell products on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto account is needed for this marketplace.
Pricing
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Atlanta 2021
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online and receive cryptocurrency as a method of payment. It’s a great platform for artists using the platform to market NFTs because of its zero gas fees and the low commission rate you must pay.
You can browse and purchase the vast array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Because its system is built on a blockchain, it is safe to say that your transactions are protected and secured.
In addition as a seller you will be verified after you have built up your credibility. A blue checkmark will appear on your account or any collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you can receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly used on this site and other sites to provide the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile app from OpenSea available for both iOS and Android. You can download it through their app store, and begin exploring the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts as well as receive notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
