The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and discover the possibilities of 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft By Amitabh Bachchan
The aim to create OpenSea was to offer an online marketplace for artists to easily upload their commissions without any extra charges. It also has additional functions that allow you to sell your art without too many difficulties.
In terms of registration, you don’t need to worry about giving all of your personal details. All you need to do is 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 well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains that are available, you can choose which one you want to transfer your NFT to as a seller. This will ensure the security of your NFT, along with those who would like to purchase it. All transactions are made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist you admire. Anyone can sell however, it takes a while for anyone to become an established seller.
There is a wide variety of NFTs available at OpenSea and you could become a part of the collection! You can create your own personal market here, along with finding NFTs that you would like to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can buy includes an NFT. An NFT is a token that is non-fungible that is very unique and can’t be replaced. It can be an item of any rareness, such as authentic baseball cards or uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can simply imagine the NFT as a digital collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is similar to calling for dibs on your own NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and offering it for sale. Typically, this is official once you fill out the proper information regarding the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and create a collection! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like for it (e.g. blockchain, payments tokens). After that, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see how the transactions go from now to determine whether OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
In this moment you’re probably asking yourself the kind of NFTs can be purchased here, and what you could sell should you decide to pursue that route. The type of NFT that you can purchase is indefinite since there’s a broad range of ways to do it.
It is possible to sell digital products, trading cards game assets domain names, even physical assets! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the other options. There are zero gas fees when you utilize this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces have this feature, and it is a great way to receive high profit from your portfolio.
Referral Program
The Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer benefits when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, letting you earn more cash from this act.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal to convert your fiat money into cryptocurrency through these platforms. Nft By Amitabh Bachchan
You can convert your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
All of these have the option of converting them into ETH which is the most common cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Because it is based around the ETH blockchain, any wallets with a connection to that network will be suitable for this site.
Here’s a list of several crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency using the credit card. Nft By Amitabh Bachchan
To learn more about it, you can check their FAQs to get an overview of how you can start and which other wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
Pros
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
Cons
- Allows royalties 10% for artists (low royalty rates).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used to access this marketplace.
Pricing
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft By Amitabh Bachchan
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use it to sell NFTs because of its zero gas costs and low commission fee rate which you are required to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace and you must check it out!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded in the year of 2018. Because its system is built on blockchain technology, it is safe to say that your transactions are safe and secure.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed on your account or any collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you’ll get only 10% of the royalties once you upload the NFT. This is thought to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be widely used on this site and other sites to provide many more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use to access 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 trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before there’s an official mobile app by OpenSea available for both iOS as well as Android. You can download it through their app store and begin exploring the collection right now!
The version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and receive 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/).
