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 internet, designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with 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 users because of its security and quick transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking 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 will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Copyright Infringement
The aim 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 work without having to deal with many difficulties.
In terms of registration, you won’t have to worry about giving any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It also operates using the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains you can pick which one you would like to transfer your NFT to as seller. This will ensure the security of your NFT, along with those who wish to buy it. All transactions will be made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist you admire. Anyone can sell however it takes time before anyone can become an established seller.
There’s a huge selection from the selection at OpenSea and you could become a part of that! You can create your own market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible currency which is extremely individual and cannot be substituted. It can be a piece of rarity like rare baseball trading cards in mint condition or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item that you can sell online. In simpler terms, you could just think of an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. It is a way of claiming ownership over that particular token/item that you posted to market, as selling it. Usually, this becomes official when you have filled in the proper information regarding the NFT and finally add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and simply making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain, payments tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see the way transactions are handled from now to see 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 you shop for here, and what you could also sell if you choose to go that route. The kind of NFT it can be is unlimited because there’s a wide range of how you can do it.
You can be selling digital items, trading cards games domain names, also physical goods! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There are zero gas fees for using this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t have to spend on extra fees.
Very few NFT marketplaces provide this feature, which is why this is a great way to earn a high return from your portfolio.
A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more money through this action.
Other NFT marketplaces do not have this kind of feature either and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency on these platforms. Nft Copyright Infringement
You can swap your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and other things!
All of these have the option to exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Because it is based on the ETH blockchain, wallets with a connection to the same network are suitable for this website.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage and the ability to buy cryptocurrency using credit cards. Nft Copyright Infringement
To know more about it You can go through their FAQs for an overview of how you can start and what other crypto wallets are compatible with 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 pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its method of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions 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 Copyright Infringement
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to market their work online, and to accept cryptocurrency as a method of payment. It’s a great option for artists who want to use for selling NFTs due to its low cost of gas and the low commission rate you must pay.
You can browse and shop for the vast array of digital items on the NFT marketplace and you must go through it!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established at the end of the year 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark will be assigned on your account or any collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll get only 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared against other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access 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 secure platforms that accept fiat money. All you have 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 is definitely an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store and begin browsing through the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect 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/).