The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto-coins. Markets have popped up all over the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking 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 review. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Come Funziona
The purpose of OpenSea was to offer artists with a marketplace/platform to upload their commissions without any extra fees. It has more functions that allow you to sell your art without too many problems.
For the registration process, you don’t have to worry about giving too many details about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains available you can pick which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT, along with those who would like to buy it. All transactions will be made by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to official art from an artist that you admire. Anyone can become a seller however it takes some time for anyone to be an established one.
There’s a huge selection from the selection on OpenSea, and you can join in with that! You can create your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a token that is non-fungible which is extremely individual and cannot be replaced. It could be an item of rareness, such as authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could just consider an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming ownership over that particular token/item that you posted to the market place, but you’re offering it for sale. Typically, this is official once you fill out all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and simply creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain or money transfer tokens). After that then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about the kind of NFTs can be purchased here and what you can sell should you decide to go that route. The type of NFT it can be is unlimited because there’s a wide range of ways to do it.
You can be selling digital items, trading cards game assets, domain names, and some physical items! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from the other options. There’s no cost for gas when you use this feature when you create and market NFTs. This means you’ll be able to make the highest profits once you start selling because you don’t need to pay on any additional charges.
Very few NFT marketplaces have this feature, and it is a great way to earn a high return from your portfolio.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, letting you earn more money through this action.
Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Come Funziona
You can convert your fiat currency using a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of these have the option of exchange for ETH that is the standard cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than other. Since it is built around an ETH blockchain, all wallets that share this network are appropriate for this website.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency with credit cards. Nft Come Funziona
For more information about the service You can go through their FAQs for a rundown of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps 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 industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- You cannot buy or sell products on our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Come Funziona
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online, and to accept cryptocurrency as a method of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its low cost of gas and low commission fees which you are required to pay.
You can browse and shop for an array of digital products on this NFT marketplace and you must take a look!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year of 2018. Because its system is built on a blockchain, it is safe to declare that transactions are protected and secured.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison with other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be frequently used on this site and many others to accommodate more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the 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 for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile app from OpenSea available for both iOS and Android. You can download it through their app store and you can start browsing through the collection right now!
There is also 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 from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).