The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto currency. Markets have popped up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re interested in crypto you’ve likely heard of OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea and also see the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Axie
The purpose to create OpenSea was to provide artists with a marketplace/platform to upload their commissions without any extra charges. There are additional features which allow you to market your art without too many issues.
In terms of registration, you won’t have to provide all of your personal details. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains available, you can choose which one you’d like to transfer your NFT to as seller. This is to ensure the security of your NFT, along with the people who want to buy it. Every transaction will be conducted by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes time before anyone can become an established seller.
There’s a huge selection in the collection on OpenSea, and you can also be a part of the collection! You can set up your own personal market there, and also find NFTs that you would like to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it , but not exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible currency that is very unique and can’t be replaced. This can be an item of rarity like rare baseball trading cards in mint condition or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing you’re selling online. In simpler terms, you could simply imagine as an NFT being a virtual collectible paid via cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs to your NFTs. You’re claiming the ownership of the particular item that you posted to the marketplace, and you’re selling it. Usually, this becomes official when you have filled in the proper information regarding the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and making a collection to begin! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain, money transfer tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from now to see whether 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 the kind of NFTs can be purchased here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT that you can purchase is indefinite because there’s a wide range of ways to approach it.
You can be selling digital products, trading cards game assets domain names, also physical goods! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the other options. There are zero gas fees for using this feature to make and then sell the 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, which is why this can be a fantastic way to earn a high return from your portfolio.
Referral Program
The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, which means you can make more money by this method.
Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal You can also exchange your fiat money for cryptocurrency using these platforms. Nft Axie
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
All of these have the option of exchange for ETH which is the most common cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built using an ETH blockchain, wallets which are part of the same network are suitable for this site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. Nft Axie
To know more about it, you can check their FAQs to get a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets every one of them has 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 that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
Cons
- Allows royalties of only up to 10% for artists (low royalty).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed for this marketplace.
Pricing
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Axie
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists using for selling NFTs due to its no gas fees and the low commission rate 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 check it out!
Is OpenSea legit & safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception on the 1st of December in 2018. Since its system is built on a blockchain, it is safe to declare that transactions are protected and secured.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear on your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are protected.
How can I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared against the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and other sites to provide many more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile app from OpenSea that is available for iOS as well as Android. Install it from their app store, and then you can begin exploring the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and get notifications on updates regarding 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/).
