Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto coins. Markets have popped up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s explore the possibilities of OpenSea and also see 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. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Cell Phone Apps
The purpose of OpenSea was to provide an online marketplace for artists to easily upload their commissions with no additional fees. It also has additional functions that allow you to sell your artwork without any difficulties.
In terms of the registration process, you don’t have to provide all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for most processes. It also functions with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains available it is possible to choose which one you would like to publish your NFT as a seller. This ensures the safety of your NFT, along with those who would like to purchase it. All transactions will be made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to official art from an artist you admire. Anyone can become a seller however it takes some time for anyone to be a reputable one.
There is a wide variety of NFTs available at OpenSea, and you can become a part of this! You can create your own marketplace there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “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 look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can buy includes an NFT. An NFT is a token that is non-fungible that is individual and cannot be changed. This can be an item of any rareness, such as authentic baseball cards, or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible thing that you can sell on the internet. It is simpler to just think of the NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the ownership of the particular item you uploaded on market, as putting it up for sale. Typically, this is official once you fill out the correct information about the NFT and then add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and creating a collection to start! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain or payments tokens). After that then you’re able to upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from here on out to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering which kind of NFT you shop for here and what kind of NFTs you can also sell if you choose to pursue that route. The kind of NFT it can be is unlimited as there’s a variety of ways to do it.
You could be selling trade cards, digital goods games domain names, even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the other options. There are zero gas fees when you use this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you sell because you won’t need to spend on extra fees.
Very few NFT marketplaces have this feature, which is why this is a great way to make a huge profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more money from this act.
Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps of OpenSea are available on both iOS in addition to Android. While you’re not able to buy or sell something, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal to exchange your fiat money for cryptocurrency through these platforms. Nft Cell Phone Apps
You can exchange your fiat currency using a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of exchange for ETH that is the standard cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of crypto, wallets are still more compatible with it than other. Since it is built on an ETH blockchain, wallets with a connection to this network are appropriate for the site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency with a credit card. Nft Cell Phone Apps
To know more about it to learn more, check out their FAQs to see a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Cell Phone Apps
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists using for selling NFTs due to its low cost of gas and low commission fees that you have to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was established in the year 2018. Since its system is built on a blockchain, it is safe to declare that transactions are protected and secured.
In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear next to your account or collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure that users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared to the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is widely used on this site and other sites to provide the increasing number of cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea available for both iOS and Android. You can download it through their app store and then you can begin exploring the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).