Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto currency. There are numerous marketplaces popping up across the digital web 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 of OpenSea before for a good reason. It’s one of the largest and leading marketplaces among 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 continue, 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 Channel Australia
The goal of OpenSea was to provide an online marketplace for artists to easily upload their commissions, without having to pay any additional costs. It also has additional functions that let you sell your art without too many issues.
In terms of registration, you don’t need to provide all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for most processes. It is also based on the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains that are available it is possible to choose which one you would like to publish your NFT as seller. This ensures the safety of your NFT as well as those who wish to purchase 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 endless online marketplace where you can exchange 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 be a seller, but it takes time for anyone to be an established seller.
There’s a huge selection from the selection on OpenSea and you could also be a part of that! You can create your own market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t sure exactly what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can buy can be an NFT. A NFT is a non-fungible currency which is extremely unique and can’t be replaced. It could be a piece of rareness like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can just imagine an NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. It is a way of claiming the ownership of the particular item that you posted to the marketplace, and putting it up for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and simply making a collection to begin! Fill out the proper and complete information about your NFT and then select what type of settings you’d like to use for it (e.g., blockchain and payments tokens). Once that’s all done then you’re able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about the kind of NFTs can be found here and what you can also sell if you decide to pursue that route. The kind of NFT that you can purchase is indefinite because there’s a wide range of options for how to go about it.
You can be selling digital items, trading cards games, domain names, and some physical items! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from the others. There are no gas costs for using this feature when you mint and sell NFTs. This means you’ll receive the maximum profits when you sell because you don’t need to pay on any additional charges.
Very few NFT marketplaces provide this feature, and it is a great way to receive high profit from your portfolio.
A Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces there are benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t offer this feature This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for both iOS and Android. Even though you can’t buy or sell things, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to convert your fiat money into cryptocurrency through these platforms. Nft Channel Australia
You can swap the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of them have the option of converting them into ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Because it is based using the ETH blockchain, any wallets which are part of this network are appropriate for this site.
Here’s a list 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 wallet has its own restrictions like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with the credit card. Nft Channel Australia
To learn more about it You can go through their FAQs to get a rundown of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- Cannot buy or sell on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Channel Australia
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online to receive cryptocurrency as a form of payment. It’s a great option for artists who want to use for selling NFTs due to its low cost of gas and low commission fees you must pay.
You can browse and shop for an array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in 2018. Because its system is based on a blockchain that is secure, you can declare that transactions are safe and secure.
In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear 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 protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be widely utilized on this website and many others to accommodate more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before, there is definitely an official mobile app from OpenSea for both iOS and Android. You can download it through their app store, and begin exploring the collection right now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. In 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/).