Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto currency. Markets have popped up all over the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea before for a good 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 see what you can do with OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Connection Sony
The purpose for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional costs. It has more functions which allow you to market your art without too many difficulties.
In terms of the registration process, you don’t have to provide any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It is also based using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as an seller. This is to ensure the security of your NFT as well as the people who want to buy it. All transactions will be made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your NFTs or cryptocurrency 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, but it takes a while for anyone to be a reputable one.
There are a variety of NFTs from the selection at OpenSea and you could join in with that! You can start your own market on this site, as well as find NFTs that you would like to purchase yourself.
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 the internet that the majority of young people are familiar with it , but aren’t sure exactly what it means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible currency which is extremely individual and cannot be replaced. It could be an item of rareness like rare baseball trading cards in mint condition, or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible item that you sell online. More straightforwardly, you can just think of an NFT being a virtual item paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and selling it. Usually, this becomes official once you fill out all the necessary information about the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and making a collection to begin! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g., blockchain or money transfer tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from here on out to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself which kind of NFT can be found here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT that you can purchase isn’t limited as there’s a variety of ways to do it.
You can be selling digital items, trading cards, game assets, domain names, and even physical assets! Explore what you believe can bring the greatest 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 zero gas fees when you use this feature to mint and sell NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t need to spend on additional fees.
Not many NFT marketplaces have this feature, so this can be a fantastic way to make a huge profit from your collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you make more money through this action.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available on both iOS and Android. Even though you can’t 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 to you, and you can exchange your fiat money for cryptocurrency through these platforms. Nft Connection Sony
You can convert the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
All of them have the option of converting them into ETH that is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets still more compatible with it than other. Because it is based using the ETH blockchain, any wallets that share the same network are suitable for the site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage and the ability to buy cryptocurrency using credit cards. Nft Connection Sony
For more information about the service You can go through their FAQs for the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% for artists (low royalties).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has any crypto currency 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. But overall, you can quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Connection Sony
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its no gas costs and low commission fees you must pay.
You can shop and browse the vast array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception in the year of 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are safe and secure.
Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear on your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties from OpenSea?
As an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is believed to be reasonably low compared against others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is frequently used on this site as well as other sites to provide many more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before there’s an official mobile app by OpenSea for both iOS and Android. Download it at their respective app store and then you can begin exploring the collection right now!
There is also a version for desktops 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/).