The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto coins. Markets have popped up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Black
The goal of OpenSea was to provide a platform/marketplace for artists to upload their commissions, without having to pay any additional costs. There are additional features which allow you to market your artwork without any difficulties.
For registration, you won’t have to provide too many details 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 hassles when you enter into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It also functions using the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains you can pick which one you would like to upload your NFT on as seller. This ensures the safety of your NFT and those who would like to buy it. Every transaction will be conducted using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork by an artist you admire. Anyone can be a seller however, it takes some time for anyone to be a reputable one.
There’s a huge selection of NFTs available on OpenSea and you can also be a part of that! You can set up your own marketplace on this site, as well as find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto market, the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t sure exactly what it is. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a token that is non-fungible that is unique and can’t be changed. It can be a piece of rarity like authentic baseball cards or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can simply consider the NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs to your NFTs. You’re claiming the ownership of the particular item that you have uploaded to market, as you’re putting it up for sale. Typically, this is official once you fill out all the necessary information about the NFT and finally submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and create a collection! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain and payment tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how transactions progress from now on to see whether OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
At this point you’re probably asking yourself what kind of NFTs can be purchased here and what you can sell should you decide to go down that path. The kind of NFT it can be is indefinite since there’s a broad range of ways to do it.
It is possible to sell digital items, trading cards games, domain names, and some physical items! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the others. There’s no cost for gas for using this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t have to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, so this is a great way to make a huge profit from your NFT collection.
Referral Program
This Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which allows you to make more money from this act.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency on these platforms. Nft Black
You can convert your fiat money via 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 converting them into ETH that is the primary crypto payment in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based using the ETH blockchain, wallets with a connection to the same network are suitable for the site.
Here’s a list different crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency using the credit card. Nft Black
To learn more about it to learn more, check out their FAQs to get the steps you can get started and which other wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
Pros
- Available as mobile apps 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 market and NFTs.
Cons
- Allows royalties of only 10% for artists (low royalty).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used to use this marketplace.
Pricing
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Black
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online to receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its no cost of gas and low commission fees which you are required to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea real and safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year of 2018. Because its system is built on blockchain technology, it is safe to declare that transactions are protected and secured.
Furthermore 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 every customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared to the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be widely used on this site as well as other sites to provide 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.
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 trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile application from OpenSea for both iOS as well as Android. You can download it through their app store, and you can start browsing through the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and get 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/).
