The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s explore 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. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Channels Seattle
The goal for OpenSea was to provide a platform/marketplace for artists to upload commissions with no additional fees. It has more functions which allow you to market your artwork without any problems.
In terms of the registration process, you don’t have to provide all of your personal details. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also functions with the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains, you can choose which one you’d like to transfer your NFT to as a seller. This ensures the safety of your NFT, along with the people who want to buy it. All transactions are made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist you admire. Anyone can sell however it takes some time for anyone to be an established seller.
There’s a huge selection from the selection of NFTs available at OpenSea and you can become a part of this! You can start your own market there, and also find NFTs that you would like to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “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 is. 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 includes an NFT. An NFT is a non-fungible currency that is very individual and cannot be substituted. This can be an item of rareness like mint-condition baseball trading cards or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you can sell online. More straightforwardly, you can simply consider the NFT as a digital collectible paid via cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and putting it up for sale. Typically, this is official after you fill in the correct information about the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and simply making a collection to begin! Complete the correct and accurate information about your NFT and select the type of settings you want for it (e.g. blockchain, payment tokens). After that you are able to upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from now to determine whether OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
In this moment, you’re probably wondering the kind of NFTs can be found here and what you can sell should you decide to pursue that route. The kind of NFT it isn’t limited because there’s a wide range of options for how to approach it.
You can be selling digital items, trading cards game assets domain names, even physical assets! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the other options. There are no gas costs for using this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, which is why this is great for you to make a huge profit from your NFT collection.
Referral Program
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive benefits by referring someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t have the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Even though you can’t buy or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can convert your fiat money into cryptocurrency through these platforms. Nft Channels Seattle
You can convert your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and more!
All of them have the option of exchange for ETH, which is the standard crypto payment in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built using an ETH blockchain, any wallets that share the same network are suitable for this website.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. Nft Channels Seattle
For more information about the service, you can check their FAQs to see the steps you can get started and also what other crypto wallets work with OpenSea.
> > Click Here to Explore 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 view its pros and cons here:
Pros
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
Cons
- Allows royalties 10% for artists (low royalties).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto account is needed to use this marketplace.
Pricing
OpenSea is open to everyone who has any crypto currency 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. However, overall, you will quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Channels Seattle
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online and receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its low gas fees and low commission fees that you have to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Since its system is built on a blockchain, it is safe to declare that transactions are safe and secure.
Furthermore 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 anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared with the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be widely used on this site and other sites to provide the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store, and begin exploring the collection right now!
A desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and receive 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/).
