The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea and also see what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Exchange Decntralized Token
The aim for OpenSea was to provide artists with a marketplace/platform to upload commissions, without having to pay any additional fees. It also has additional functions that allow you to sell your art without too many problems.
In terms of the registration process, you don’t have to give all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It also functions with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains available you can pick which one you would like to publish your NFT as seller. This ensures the safety of your NFT and the people who want to buy it. All transactions are made using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist you admire. Anyone can become a seller however, it takes a while for anyone to become an established seller.
There are a variety of NFTs from the selection on OpenSea and you can join in with that! You can create your own market on this site, as well as find NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials are familiar with it , but not exactly sure what it means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible token which is extremely individual and cannot be substituted. It could be a piece of rarity like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object you’re selling online. More straightforwardly, you can just think of as an NFT as a digital item that is paid for using cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and you’re putting it up for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and then add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and creating a collection to start! Complete the correct and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain, payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe the way transactions are handled from now on 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 asking yourself what kind of NFTs be purchased here and what you can also sell if you choose to go down that path. The kind of NFT that you can purchase is unlimited since there’s a broad range of options for how to go about it.
You could be selling trade cards, digital goods game assets, domain names, and some physical items! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from other companies. There are no gas costs when you use this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t need to spend on extra fees.
Very few NFT marketplaces provide this feature, so this is great for you to earn a high return from your NFT collection.
Referral Program
This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer benefits by referring your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you earn more money through this action.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on both iOS and Android. While you’re not able to buy or sell things, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Exchange Decntralized Token
You can exchange your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
Each of them has the option of converting them into ETH that is the primary cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than others. Since it is built on an ETH blockchain, any wallets which are part of this network are appropriate for this website.
Here is a list of various crypto wallets that you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency using credit cards. Nft Exchange Decntralized Token
To know more about it to learn more, check out their FAQs for an overview of how you can begin and which other wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
Pros
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
Cons
- Allows royalties 10% to artists (low royalty).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to access this marketplace.
Pricing
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Exchange Decntralized Token
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform for selling their artwork online and receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use for selling NFTs due to its low gas costs and low commission fees which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year 2018. Because its system is built on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear on your account or the collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is commonly used on this site and many others to accommodate the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can use to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As mentioned before, there is definitely an official mobile app by OpenSea for both iOS and Android. Download it at their respective app store and begin exploring the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as receive alerts on any updates that affect your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
