Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Before Cryptopunks
The purpose of OpenSea was to offer an online marketplace for artists to easily upload their commissions, without having to pay any additional charges. It has more functions that let you sell your work without having to deal with many problems.
When it comes to registration, you don’t need to worry about giving all of your personal details. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used to carry out the majority of processes. It also operates using the Polygon blockchain, which allows for 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 ensures the safety of your NFT, along with those who wish to buy it. All transactions are made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange 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 be a seller however, it takes time for anyone to be an established seller.
There are a variety of NFTs from the selection at OpenSea, and you can join in with the collection! You can set up your own marketplace here, along with finding 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 the majority of young people are familiar with it but aren’t exactly sure what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy is an NFT. A NFT is a non-fungible currency which is extremely exclusive and cannot be replaced. This can be a piece of rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object that you can sell on the internet. More straightforwardly, you can simply consider an NFT being a virtual item that is paid for using cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs for your personal NFTs. You are calling the ownership of the particular item you uploaded on the marketplace, and you’re selling it. Typically, this is official after you fill in the proper information regarding the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and then create a collection! Complete the correct and accurate information about your NFT and select the type of settings you’d like for it (e.g. blockchain or payments tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from now to determine if OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
In this moment, you’re probably wondering the kind of NFTs can you shop for here, and what you could also sell if you decide to go that route. The type of NFT it is indefinite as there’s a variety of ways to go about it.
You can be selling trade cards, digital goods game assets domain names, also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from the others. There are zero gas fees when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t need to spend on extra fees.
Very few NFT marketplaces provide this feature, which is why this is great for you to receive high profit from your NFT collection.
Referral Program
This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces that offer rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you make more money by this method.
Other NFT marketplaces do not have 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 is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for both iOS as well as Android. Even though you can’t buy or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also trade your fiat currency for cryptocurrency through these platforms. Nft Before Cryptopunks
You can convert the fiat currency you have with a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and other things!
All of them have the option of exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than other. Since it is built mainly using an ETH blockchain, all wallets which are part of that network will be suitable for this website.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. Nft Before Cryptopunks
To learn more about it You can go through their FAQs to see the steps you can start and which other wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
Pros
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
Cons
- Allows royalty rates of 10% for artists (low royalties).
- Cannot buy or sell via this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used to use this marketplace.
Pricing
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Before Cryptopunks
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists using for selling NFTs due to its no gas costs and low commission fee rate that you have to pay.
You can shop and browse the vast array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and safe?
Answer: Yes! OpenSea is a reputable marketplace since it was founded in 2018. Since its system is built on blockchain technology, it is safe to declare that transactions are protected and secured.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark will be assigned next to your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison with the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is frequently used on this site and numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can use to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier there’s an official mobile app by OpenSea for both iOS as well as Android. Install it from their app store, and you can start exploring the collection right now!
The desktop application for OpenSea that can be downloaded through 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/).
