Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto coins. Markets have popped up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re interested in crypto, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with OpenSea, along with checking 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 will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Explained Reddit
The purpose to create OpenSea was to provide artists with a marketplace/platform to upload commissions, without having to pay any additional fees. It has more functions which allow you to market your art without too many problems.
In terms of registration, you don’t need to worry about giving any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates using the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains available, you can choose which one you’d like to transfer your NFT to as an seller. This will ensure the security of your NFT, along with the people who want to buy it. Every transaction will be conducted along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes a while for anyone to become an established one.
There’s a huge selection from the selection of NFTs available at OpenSea and you could join in with that! You can start your own market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT,” a popular term in the crypto industry “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 actually means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can buy includes an NFT. An NFT is a token that is non-fungible that is very individual and cannot be replaced. This can be an item of any rarity like mint-condition baseball trading cards or unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible object you’re selling online. In simpler terms, you could simply think of an NFT being a virtual item paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling the ownership of the particular item you uploaded on the marketplace, and you’re selling it. Usually, this becomes official once you fill out the correct information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and then create a collection! Fill out the proper and accurate information about your NFT and select the type of settings you’d like to use for it (e.g. blockchain, money transfer tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
You can watch and see how transactions progress from here on out to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself the kind of NFTs be purchased here and what you can sell should you decide to go down that path. The type of NFT it isn’t limited because there’s a wide range of how you can do it.
You could be selling trade cards, digital goods games, domain names, and even physical assets! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t need to spend on additional fees.
Not many NFT marketplaces have this feature, which is why this is a great way to earn a high return from your portfolio.
A Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to make more money from this act.
Other NFT marketplaces don’t have this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. While you’re not able to buy or sell anything, you can still look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency on these platforms. Nft Explained Reddit
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of them have the option of converting them into ETH, which is the standard crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets still more compatible with it than others. Since it is built mainly using an ETH blockchain, all wallets with a connection to that network will be suitable for this website.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency with a credit card. Nft Explained Reddit
To learn more about it to learn more, check out their FAQs for an overview of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Explained Reddit
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs due to its low gas fees and the low commission rate you must pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established in the year 2018. Because its system is based on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned next to your account or collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How can I earn royalties from OpenSea?
As an artist, you can be paid only 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison with the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier, there is definitely 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 exploring the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and receive notifications about updates to 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/).