Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s see what you can do with OpenSea and also see the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Beetlejuice Bootleg
The purpose of OpenSea was to provide an online marketplace for artists to easily upload their commissions without any extra costs. It also has additional functions which allow you to market your artwork without any problems.
In terms of registration, you won’t have to worry about giving any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains that are available you can pick which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT, along with those who wish to buy it. All transactions will be made along with this 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 that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can become a seller, but it takes some time before anyone can become a reputable one.
There is a wide variety in the collection on OpenSea and you can become a part of this! You can start your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry the term “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 means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible token which is extremely individual and cannot be replaced. It can be a piece of rareness like mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you sell online. More straightforwardly, you can just think of the NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You are calling ownership over that particular token/item that you posted to the marketplace, and selling it. Typically, this is official when you have filled in the correct information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and creating a collection to start! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like for it (e.g. blockchain or payment tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself what kind of NFTs can be purchased here and what you can also sell if you choose to pursue that route. The kind of NFT it isn’t limited as there’s a variety of ways to go about it.
You could be selling digital items, trading cards games domain names, also physical goods! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the other options. There are no gas costs for using this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you won’t have to spend on any additional charges.
Not many NFT marketplaces offer this feature, so this is a great way to earn a high return from your collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets that offer rewards by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have the same feature This is a further benefit OpenSea has over the other marketplaces.
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 for the two platforms of iOS and Android. While you’re not able to buy or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency through these platforms. Nft Beetlejuice Bootleg
You can exchange your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option of exchange for ETH, which is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of crypto, wallets are still more compatible with it than others. Since it is built mainly using an ETH blockchain, wallets with a connection to this network are appropriate for this website.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only, and the function to purchase cryptocurrency using credit cards. Nft Beetlejuice Bootleg
To learn more about it to learn more, check out their FAQs for the steps you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available 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.
- Allows royalty rates of up to 10% for artists (low royalty).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Beetlejuice Bootleg
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to sell their works online and receive cryptocurrency as a method of payment. It’s a great option for artists who want to use the platform to market NFTs because of its zero cost of gas and low commission fees that you have to 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 real and safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Since its system is based on a blockchain that is secure, you can claim that your transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned to your account or the collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you’ll get only 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared with the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be commonly 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:
These are the primary cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before There is an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store and you can start exploring the collection now!
The desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).