The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth a look.
If you’re interested in crypto, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and discover what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Channel Glue
The goal for OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional costs. It has more functions which allow you to market your work without having to deal with many problems.
For registration, you won’t have to give too many details about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also functions on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains you can pick which one you want to upload your NFT on as an seller. This ensures the safety of your NFT and those who would like to buy it. All transactions will be made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist that you admire. Anyone can sell however it takes some time for anyone to be an established one.
There are a variety of NFTs in the collection of NFTs available at OpenSea, and you can become a part of the collection! You can create your own marketplace there, and also find NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t sure exactly what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. A NFT is a token that is non-fungible which is extremely unique and can’t be substituted. This can be an item of rareness, such as authentic baseball cards, or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object that you can sell online. It is simpler to simply imagine the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but offering it for sale. Typically, this is official once you fill out the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and making a collection to begin! Complete the correct and accurate information about your NFT and then select what type of settings you’d like for it (e.g., blockchain or payment tokens). After that then you’re able to upload it, if it’s within the limit of 100MB.
You can watch and see how the transactions go from now on to determine if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
At this point you’re probably asking yourself what kind of NFTs can you shop for here, and what you could also sell if you choose to go that route. The type of NFT it is indefinite because there’s a wide range of ways to approach it.
It is possible to sell digital products, trading cards game assets domain names, even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from other companies. There are no gas costs when you use this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you sell because you won’t have to spend on any additional charges.
Very few NFT marketplaces have this feature, and it is a great way to receive high profit from your portfolio.
Referral Program
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, which means you can earn more money from this act.
Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use to trade your fiat currency for cryptocurrency using these platforms. Nft Channel Glue
You can convert the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and more!
All of these have the option to exchange for ETH that is the standard crypto payment in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace that is open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built around an ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using a credit card. Nft Channel Glue
To know more about it, you can check their FAQs to see the steps you can begin and what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
Pros
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
Cons
- Allows royalties of only up to 10% for artists (low royalty rates).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto wallet is required 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 sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Channel Glue
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs because of its zero gas costs and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace and you must take a look!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established in 2018. Because its system is based on a blockchain that is secure, you can say that your transactions are secure and safe.
Furthermore, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned on your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are secure.
How do I earn royalties from OpenSea?
As an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared to other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely used on this site as well as other sites to provide the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile app from OpenSea available for both iOS and Android. You can download it through their app store, and you can start exploring the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and get notifications on updates regarding 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/).
