Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto currency. Markets have popped up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and let’s explore what you can do with OpenSea and also see 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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Denver
The aim to create OpenSea was to provide an online marketplace for artists to easily upload their commissions, without having to pay any additional charges. There are additional features which allow you to market your artwork without any problems.
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 with OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for most processes. It also functions using the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains that are available, you can choose which one you want to publish your NFT as a seller. This is to ensure the security of your NFT, along with the people who want to purchase it. Every transaction will be conducted along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art by an artist you admire. Anyone can be a seller, but it takes a while for anyone to become an established seller.
There is a wide variety in the collection of NFTs available at OpenSea and you could also be a part of this! You can create your own personal market there, and also find NFTs that you would like to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it but not exactly sure 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 you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency which is extremely exclusive and cannot be replaced. It could be a piece of rarity like mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you can sell on the internet. More straightforwardly, you can just imagine as an NFT as a digital collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling dibs to your NFTs. You are calling the owner of the item or token you uploaded on market, as you’re putting it up for sale. Typically, this is official when you have filled in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and creating a collection to start! Complete the correct and accurate information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain or money transfer tokens). Once that’s all done then you’re able to upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from now on to determine if OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
At this point you’re probably asking yourself the kind of NFTs be purchased here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT that you can purchase isn’t limited as there’s a variety of ways to go about it.
You can be selling digital items, trading cards game assets, domain names, and also physical goods! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the others. There are no gas costs for using this feature when you 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 any additional charges.
Very few NFT marketplaces provide this feature, and it is great for you to receive high profit from your NFT collection.
Referral Program
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, which allows you to make more money from this act.
Other NFT marketplaces do not have the same feature and that’s another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to exchange your fiat money for cryptocurrency on these platforms. Nft Denver
You can convert your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
All of them have the option to exchange for ETH that is the standard cryptocurrency used in OpenSea.
Crypto Wallets
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 which are part of that network will be suitable for the site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage, and the function to purchase cryptocurrency with credit cards. Nft Denver
To learn more about it You can go through their FAQs to see the steps you can start and also what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
Pros
- 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 world and NFTs.
Cons
- Allows royalties of only up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
Pricing
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Denver
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online to receive cryptocurrency as a method of payment. It’s a great platform for artists using for selling NFTs due to its no gas fees and low commission fees which you are required to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded in 2018. Since the system it operates on is built on a blockchain, it is safe to declare that transactions are secure and safe.
In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned to your account or any collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be quite low in comparison against the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been widely used on this site and many others to accommodate many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can utilize to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows 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 to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS as well as Android. You can download it through their app store, and begin exploring the collection now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts as well as 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/).
