Nft Explained

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The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto coins. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.

If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.

Get on board, and discover the possibilities of OpenSea, along with checking what NFTs you can view!

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Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. 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

The purpose for OpenSea was to provide an online marketplace for artists to upload commissions without any extra costs. It also has additional functions that let you sell your work without having to deal with many issues.

For the registration process, you don’t have to give any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.

OpenSea: Blockchain

The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized to carry out the majority of processes. It also functions using the Polygon blockchain to ensure low-cost and quicker trading.

There are two types of blockchains that are available you can pick which one you’d like to upload your NFT on as a seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions will be made along with this blockchain, so you should think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name to official art from an artist that you admire. Anyone can sell however it takes a while for anyone to be a reputable one.

There’s a huge selection of NFTs available of NFTs available at OpenSea, and you can become a part of the collection! You can start your own market here, along with finding NFTs you want to purchase yourself.

Nft Explained

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What is an NFT?

In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.

One of the new things you can buy can be an NFT. An NFT is a non-fungible currency that is unique and can’t be changed. It can be a piece of rarity like authentic baseball cards, or a rare vinyl record.

There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling online. In simpler terms, you could just consider the NFT to be a type of digital collectible paid via cryptocurrency only.

Minting NFTs

Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the marketplace, and offering it for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.

On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and simply making a collection to begin! Input the appropriate and accurate information about your NFT and then select what type of settings you want to use it with (e.g., blockchain and payments tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.

You can watch and see how transactions progress from now to see if OpenSea is the right marketplace for you.

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What NFTs are available here?

In this moment you’re probably asking yourself which kind of NFT you shop for here, and what you could also sell if you decide to pursue that route. The kind of NFT it can be is unlimited since there’s a broad range of how you can approach it.

It is possible to sell digital items, trading cards game assets domain names, even physical assets! Explore what you believe can reap the best rewards when you try out OpenSea.

OpenSea: Collection Manager Feature

This Collection Manager features is one of the things that separates OpenSea from the other options. There are no gas costs for using this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you won’t have to spend on extra fees.

Not many NFT marketplaces offer this feature, and it can be a fantastic way to make a huge profit from your collection.

Referral Program

This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are rewards by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, letting you make more money through this action.

Other NFT marketplaces don’t have this kind of feature either This is a further benefit OpenSea has over the other marketplaces.

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Mobile Application

There is an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.

OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell things, you can browse through the selections you’re interested in on the go.

Crypto Exchange Platforms

Numerous cryptocurrency exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency on these platforms. Nft Explained

You can convert your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:

  • Binance
  • CoinBase
  • CoinMama
  • Kraken
  • Bittrex, and many more!

All of them have the option of exchange for ETH that is the most common cryptocurrency used in OpenSea.

Crypto Wallets

Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets still more compatible with it than others. Because it is based around the ETH blockchain, any wallets with a connection to this network are appropriate for this site.

Here’s a list different crypto wallets you can utilize in OpenSea:

  • WalletConnect
  • Coinbase
  • TrustWallet
  • OperaTouch
  • Bitski
  • Authereum and more!

Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to buy cryptocurrency using the credit card. Nft Explained

To know more about it to learn more, check out their FAQs for a rundown of how you can start and also what other crypto wallets are compatible with OpenSea.

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Pros and Cons of OpenSea

As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:

Pros

  • Available as mobile apps for iOS and Android.
  • Smart contracts are used for transactions.
  • High-level security with the support of blockchain.
  • Best for beginners in the crypto market and NFTs.

Cons

  • Allows royalties of only 10% to artists (low royalty).
  • It is not possible to buy or sell items via the mobile app.
  • Only supports cryptocurrency as its method of payment.
  • The use of a Crypto wallet is required to access this marketplace.

Pricing

OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this 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 Explained

What is OpenSea?

OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists using for selling NFTs due to its low gas costs and low commission fees that you have to pay.

You can shop and browse a vast collection of digital items on the NFT marketplace which is why you should definitely check it out!

Is OpenSea legitimate and secure?

Short answer: Yes! OpenSea has been a trusted marketplace since it was established in the year of 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are protected and secured.

In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark is placed next to your account or any collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.

How do I earn royalties from OpenSea?

However, as an artist, you will get only 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison to the other NFT marketplaces.

What are the cryptocurrency options offered in OpenSea?

Ethereum (ETH) has been widely utilized on this website and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the primary cryptocurrencies you can utilize to use OpenSea.

Which are the accepted payment methods for OpenSea?

OpenSea is the only platform that allows cryptocurrency exchanges on 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 transaction.

Does OpenSea have a desktop or mobile app?

As mentioned before There is an official mobile app by OpenSea for both iOS and Android. Download it at their respective app store, and then you can begin browsing through the collection right now!

There is also a desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts as well as 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/).

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