Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto currency. There are numerous marketplaces popping up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Channel Definition
The aim of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional charges. There are additional features that allow you to sell your artwork without any difficulties.
For the registration process, you don’t have to worry about giving any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It also functions with the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains, you can choose which one you want to publish your NFT as an seller. This will ensure the security of your NFT and the people who want to buy it. Every transaction will be conducted along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can become a seller however, it takes time for anyone to become a reputable one.
There are a variety of NFTs of NFTs available on OpenSea, and you can become a part of the collection! You can start your own market there, and also find NFTs you want to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible token which is extremely individual and cannot be substituted. It can be an item of rareness like rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing that you can sell online. More straightforwardly, you can simply imagine an NFT to be a type of digital item paid via cryptocurrency only.
Minting NFTs
Minting is like calling dibs to your NFTs. You are calling the owner of the item or token that you posted to the market place, but offering it 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 straightforward procedure to create your own NFTs. All you have to do is visit the store and simply making a collection to begin! Input the appropriate and accurate information about your NFT and select the type of settings you’d like for it (e.g. blockchain and payment tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from here on out to determine whether OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
At this point, you’re probably wondering the kind of NFTs you shop for here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT it can be is unlimited since there’s a broad range of options for how to do it.
It is possible to sell digital items, trading cards, game assets, domain names, and some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the other options. There are no gas costs when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t need to spend on additional fees.
Very few NFT marketplaces provide this feature, so this is a great way to make a huge profit from your NFT collection.
Referral Program
The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to earn more money from this act.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on both iOS in addition to Android. While you’re not able to buy or sell anything, you can still explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Channel Definition
You can swap the fiat currency you have with a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
All of them have the option of converting them into ETH, which is the standard cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based using an ETH blockchain, any wallets that share the same network are suitable for this site.
Here’s a list of different crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only, and the function to buy cryptocurrency using a credit card. Nft Channel Definition
To learn more about it, you can check their FAQs for an overview of how you can get started and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
Pros
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
Cons
- Allows royalties up to 10% for artists (low royalty rates).
- Cannot buy or sell through this mobile application.
- Only supports cryptocurrency as its method 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. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Channel Definition
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists who use it to sell NFTs due to its no gas costs and the low commission rate which you are required to pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year of 2018. Since the system it operates on is built on blockchain technology 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 build up your reputation. A blue checkmark will be assigned next to your account or collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared with others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is commonly used on this site and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile app from OpenSea available for both iOS as well as Android. You can download it through their app store, and then you can begin exploring the collection now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
