The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s explore what you can do with OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Design Studio Beacon Ny Address
The purpose of OpenSea was to offer artists with a marketplace/platform to upload commissions without any extra charges. There are additional features that allow you to sell your artwork without any problems.
For registration, you won’t have to worry about giving all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on 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 ensures low-cost and quicker trading.
With these two types of blockchains that are available it is possible to choose which one you want to transfer your NFT to as a seller. This is to ensure the security of your NFT as well as those who wish to purchase it. All transactions will be made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall 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 be a seller however, it takes time for anyone to become an established one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you could become a part of that! You can start your own personal market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market the term “NFT” has been going around for so long on internet that a lot of millennials have heard of it but aren’t sure exactly what it actually means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible currency which is extremely exclusive and cannot be replaced. This can be an item of any rarity like rare baseball trading cards in mint condition or uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible item that you sell on the internet. In simpler terms, you could just imagine as an NFT being a virtual collectible paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and selling it. Typically, this is official when you have filled in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then create a collection! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain or payment tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from now on to see if OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about the kind of NFTs can be purchased here and what you can sell should you decide to pursue that route. The type of NFT that you can purchase is indefinite since there’s a broad range of how you can do it.
You can be selling digital products, trading cards, game assets domain names, also physical goods! Find out what you think will 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 to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces provide this feature, and it is a great way to earn a high return from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which means you can earn more cash through this action.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. While you’re not able to buy or sell something, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use You can also convert your fiat money into cryptocurrency through these platforms. Nft Design Studio Beacon Ny Address
You can swap the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
All of them have the option of exchange for ETH which is the standard cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly on the ETH blockchain, any wallets that share that network will be suitable for this website.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with credit cards. Nft Design Studio Beacon Ny Address
To know more about it, you can check their FAQs for a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its form of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Design Studio Beacon Ny Address
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using for selling NFTs due to its no cost of gas and the low commission rate which you are required to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year 2018. Since its system is built on blockchain technology and is secured, it is safe to claim that your transactions are protected and secured.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed to 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 from OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared with the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been widely used on this site and many others to accommodate many more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store, and you can start exploring the collection now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).