The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and discover what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Distribution
The purpose to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions with no additional charges. It also has additional functions that allow you to sell your work without having to deal with many issues.
When it comes to registration, you won’t have to provide any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains that are available it is possible to choose which one you want to transfer your NFT to as an seller. This will ensure the security of your NFT and the people who want to buy it. Every transaction will be conducted along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist you admire. Anyone can sell however it takes some time for anyone to be an established seller.
There’s a huge selection of NFTs available on OpenSea, and you can join in with the collection! You can start your own marketplace on this site, as well as find NFTs you want to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the cryptocurrency industry the term “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it means. Let’s look at 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 can be an NFT. An NFT is a non-fungible currency which is extremely unique and can’t be changed. This can be an item of any rareness, such as authentic baseball cards or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you sell online. More straightforwardly, you can simply imagine an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and selling it. Typically, this is official once you fill out the proper information regarding the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and then create a collection! Fill out the proper and complete information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain or payment tokens). After you’ve completed the process, you can finally upload it, if it’s within the limit of 100MB.
You can watch and see the way transactions are handled from now to determine whether OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
In this moment, you’re probably wondering what kind of NFTs be found here, and what you could also sell if you decide 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 can be selling trade cards, digital goods games, domain names, and even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the others. There are zero gas fees when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you sell because you won’t need to spend on any additional charges.
Very few NFT marketplaces have this feature, so this is a great way to receive high profit from your NFT collection.
Referral Program
A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer advantages by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to make more money through this action.
Other NFT marketplaces do not have this kind of feature either and that’s another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS and Android. Even though you can’t buy or sell something, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use to exchange your fiat money for cryptocurrency using these platforms. Nft Distribution
You can swap your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
All of these have the option of converting them into ETH that is the standard cryptocurrency used in OpenSea.
Crypto Wallets
While OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than others. Since it is built mainly using the ETH blockchain, all wallets that share that network will be suitable for this website.
Here is a list of different crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. Nft Distribution
For more information about the service to learn more, check out their FAQs to get the steps you can get started 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. You can read about its pros and cons here:
Pros
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
Cons
- Allows royalty rates of up to 10% for artists (low royalty).
- You cannot buy or sell products via the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto account is needed to access this marketplace.
Pricing
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Distribution
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists using for selling NFTs due to its low gas fees and the low commission rate you must pay.
You can browse and purchase an array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Since its system is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
In addition as a seller you can become verified once you’ve earned a reputation. A blue checkmark will be assigned next to your account or any collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared with the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site and numerous others to cater for many more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use to use OpenSea.
What are the payment methods for OpenSea?
OpenSea only 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 to complete the exchange.
Does OpenSea have a desktop or mobile application?
As previously mentioned, there is definitely an official mobile app by OpenSea for both iOS or Android. You can download it through their app store and then you can begin browsing through the collection right now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and get 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/).
