Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto coins. Marketplaces are popping up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and discover what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Courier
The purpose of OpenSea was to simply provide artists with a marketplace/platform to upload their commissions without any extra fees. It has more functions that allow you to sell your work without having to deal with many issues.
In terms of registration, you won’t have to provide too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized to carry out the majority of processes. It also functions using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains available you can pick which one you’d like to upload your NFT on as a seller. This will ensure the security of your NFT as well as those who wish to buy it. All transactions will be made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist you admire. Anyone can sell however it takes some time before anyone can become an established seller.
There’s a huge selection in the collection of NFTs available at OpenSea and you can also be a part of this! You can set up your own marketplace on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto market, the term “NFT” has been going around for so long on the internet that the majority of young people have heard of it but not exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. A NFT is a token that is non-fungible that is very exclusive and cannot be changed. It can be an item of rareness like mint-condition baseball trading cards or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you can sell on the internet. It is simpler to simply think of an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and you’re selling it. Typically, this is official after you fill in all the necessary information about the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and create a collection! Fill out the proper and correct information regarding your NFT and then select what type of settings you want to use it with (e.g. blockchain or money transfer tokens). After that you are able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from now to see if OpenSea is the right 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 also sell if you choose to go down that path. The kind of NFT it can be isn’t limited as there’s a variety of ways to approach it.
It is possible to sell digital products, trading cards games, domain names, and also physical goods! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the other options. There’s no cost for gas for using this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you start selling because you don’t need to pay on extra fees.
There aren’t many NFT marketplaces provide this feature, and it is a great way to earn a high return from your portfolio.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can make more money from this act.
Other NFT marketplaces don’t have this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal to trade your fiat currency for cryptocurrency on these platforms. Nft Courier
You can convert your fiat currency using a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
All of these have the option to exchange for ETH, which is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than other. Because it is based using an ETH blockchain, all wallets with a connection to the same network are suitable for this website.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency with a credit card. Nft Courier
To know more about it You can go through their FAQs to see a rundown of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Courier
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online and receive cryptocurrency as their form of payment. It’s a great option for artists who want to use for selling NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can shop and browse an array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Because its system is built on blockchain technology that is secure, you can claim that your transactions are safe and secure.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned on your account or collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is commonly utilized on this website and numerous others to cater for more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile app by OpenSea for both iOS as well as Android. Install it from their app store, and then you can begin exploring the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).