The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re interested in crypto you’ve likely heard of 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 quick transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Cash Me Outside
The purpose for OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional charges. It also has additional functions which allow you to market your work without having to deal with many problems.
In terms of registration, you don’t need to provide all of your personal details. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also operates with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains that are available, you can choose which one you’d like to transfer your NFT to as an 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 think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can become a seller, but it takes a while before anyone can become a reputable one.
There are a variety of NFTs of NFTs available on OpenSea and you can join in with that! You can start your own market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around 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 cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible token that is very individual and cannot be changed. It can be an item of rarity like rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you can sell online. In simpler terms, you could just think of as an NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item you uploaded on market, as selling it. Usually, this is recognized once you fill out the proper information regarding the NFT and then add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and then making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain and payments tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe how transactions progress from now on to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself the kind of NFTs can be found here and what you can also sell if you decide to go down that path. The type of NFT that you can purchase is indefinite because there’s a wide range of options for how to do it.
It is possible to sell trade cards, digital goods, game assets domain names, also physical goods! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the other options. There are zero gas fees for using this feature when you mint and sell NFTs. This means you’ll get the most profit when you start selling because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces have this feature, so this is a great way to make a huge profit from your portfolio.
The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more cash by this method.
Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. You can’t buy or sell items as you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to trade your fiat currency for cryptocurrency through these platforms. Nft Cash Me Outside
You can swap your fiat currency using a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option of converting them into ETH which is the most common cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than other. Because it is based using an ETH blockchain, wallets that share that network will be suitable for this site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with a credit card. Nft Cash Me Outside
To learn more about it, you can check their FAQs for the steps you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- 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.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty).
- It is not possible to buy or sell items via our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Cash Me Outside
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its low gas fees and low commission fees that you have to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Because its system is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Additionally, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed on your account or collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties on OpenSea?
As an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared to the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is widely used on this site as well as other sites to provide more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile app from OpenSea for both iOS or Android. Install it from their app store and then you can begin exploring the collection now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).