Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto coins. Markets have popped up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and discover what you can do with 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’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Definition Biology
The purpose to create OpenSea was to offer a platform/marketplace for artists to upload their commissions without any extra fees. It has more functions which allow you to market your artwork without any issues.
When it comes to registration, you won’t have to worry about giving too many details 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 many hassles when you enter into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency that is 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 the majority of transactions. It also operates using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains available it is possible to choose which one you would like to publish your NFT as an seller. This is to ensure the security of your NFT and the people who want to buy it. All transactions will be made by using the 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 exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist that you admire. Anyone can be a seller however, it takes a while before anyone can become an established seller.
There’s a huge selection of NFTs available of NFTs available at OpenSea, and you can become a part of this! You can start your own marketplace on this site, as well as find NFTs you’d like to buy for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it , but not exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy is an NFT. A NFT is a non-fungible currency that is very unique and can’t be changed. It could be an item of rareness, such as rare baseball trading cards in mint condition, or a unique vinyl album.
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 just think of as an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting NFTs
Minting is like calling the shots to your NFTs. You are calling the owner of the item or token you uploaded on the marketplace, and offering it for sale. Usually, this becomes official once you fill out the correct information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and create a collection! Complete the correct and accurate information about your NFT and then select what type of settings you’d like for it (e.g. blockchain and payment tokens). After you’ve completed the process then you’re able to upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from here on out to determine if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
In this moment, you’re probably wondering what kind of NFTs can you shop for here and what kind of NFTs you can also sell if you decide to go down that path. The type of NFT that you can purchase is unlimited because there’s a wide range of ways to do it.
It is possible to sell digital products, trading cards game assets, domain names, and some physical items! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from other companies. There’s no cost for gas for using this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you start selling because you won’t need to spend on extra fees.
Not many NFT marketplaces offer this feature, and it is a great way to earn a high return from your collection.
Referral Program
This Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t offer the same feature This is a further advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available for both iOS as well as Android. Although you aren’t able to purchase or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Definition Biology
You can convert the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and other things!
All of them have the option of converting them into ETH which is the most common crypto payment in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built using an ETH blockchain, wallets which are part of that network will be suitable for the site.
Here’s a list various crypto wallets that you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only, and the function to purchase cryptocurrency with a credit card. Nft Definition Biology
For more information about the service, you can check their FAQs for the steps you can get started and which other wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
Pros
- Mobile apps available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
Cons
- Allows royalties of only up to 10% for artists (low royalty).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used to use this marketplace.
Pricing
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the 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 Definition Biology
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online, and to accept cryptocurrency as their form of payment. It’s a great option for artists who want to use for selling NFTs due to its low cost of gas and low commission fees which you are required to pay.
You can browse and purchase the vast array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception at the end of the year of 2018. Because its system is built on blockchain technology and is secured, it is safe to say that your transactions are safe and secure.
Additionally, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned on your account or the collection that you have uploaded to assure any customer. 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 be paid only 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile app by OpenSea for both iOS or Android. Download it at their respective app store and then you can begin exploring the collection now!
A desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application, 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/).
