The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto currency. Marketplaces are popping up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re interested in crypto, you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Digital House
The purpose of OpenSea was to provide artists with a marketplace/platform to upload their commissions, without having to pay any additional charges. There are additional features that let you sell your artwork without any problems.
For registration, you don’t need to worry about giving all of your personal details. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
OpenSea: Blockchain
The most popular 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, and this is used for the majority of transactions. It also functions on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains available, you can choose which one you’d like to upload your NFT on as an seller. This will ensure the security of your NFT, along with those who wish to buy it. Every transaction will be conducted using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to official art from an artist you admire. Anyone can become a seller, but it takes a while for anyone to be an established seller.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you could become a part of this! You can set up your own marketplace there, and also find NFTs you want to purchase 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 have heard of it but aren’t exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible that is unique and can’t be changed. It can be an item of any rareness, such as rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible thing you’re selling online. More straightforwardly, you can simply imagine as an NFT as a digital item paid via cryptocurrency only.
Minting NFTs
Minting is like calling the shots for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to market, as you’re offering it for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and create a collection! Complete the correct and accurate information about your NFT and select the type of settings you want for it (e.g. blockchain, money transfer 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 wait and observe the way transactions are handled from here on out to determine if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
So, at this point you’re probably asking yourself what kind of NFTs be purchased here and what you can also sell if you choose to pursue that route. The type of NFT that you can purchase is unlimited as there’s a variety of options for how to go about it.
You could be selling digital products, trading cards games domain names, some physical items! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This means you’ll get the most profit when you begin selling since you won’t have to spend on any additional charges.
Not many NFT marketplaces provide this feature, and it can be a fantastic way to receive high profit from your NFT collection.
Referral Program
A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site 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 don’t offer this feature and that’s another advantage OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it’s mostly for perusing 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 the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to convert your fiat money into cryptocurrency using these platforms. Nft Digital House
You can exchange your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
All of these have the option of converting them into ETH, which is the most common cryptocurrency payment option in OpenSea.
Crypto Wallets
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built mainly around an ETH blockchain, any wallets that share the same network are suitable for this site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage and the ability to buy cryptocurrency using credit cards. Nft Digital House
For more information about the service to learn more, check out their FAQs for a rundown of how you can start and which other wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
Pros
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
Cons
- Allows royalties 10% to artists (low royalty).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required for this marketplace.
Pricing
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Digital House
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online to receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its low cost of gas and the low commission rate you must pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace and you must check it out!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established in 2018. Since its system is built on a blockchain, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark will be assigned next to your account or collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared against the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be commonly used on this site and other sites to provide more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before There is an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store, and you can start browsing through the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive notifications about updates to 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/).
