Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto currency. Markets have popped up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s explore what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Filter Source Port
The purpose for OpenSea was to simply provide an online marketplace for artists to upload their commissions without any extra fees. It has more functions which allow you to market your art without too many problems.
For registration, you don’t need to provide too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It is also based on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains you can pick which one you want to transfer your NFT to as a seller. This will ensure the security of your NFT and the people who want to buy it. All transactions are made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist you admire. Anyone can sell however, it takes a while for anyone to be an established one.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea, and you can join in with that! You can set up your own marketplace here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT” is a term that has been used in recent times “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 is. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible token which is extremely exclusive and cannot be replaced. It could be an item of rarity like authentic baseball cards or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object that you sell online. It is simpler to simply consider the NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. It is a way of claiming ownership over that particular token/item that you posted to the market place, but you’re putting it up for sale. Usually, this becomes official once you fill out the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then create a collection! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain and payment tokens). Once that’s all done then you’re able to upload it, if it’s within the limit of 100MB.
You can watch and see how the transactions go from now on to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering which kind of NFT can be purchased here, and what you could sell should you decide to pursue that route. The kind of NFT that you can purchase isn’t limited since there’s a broad range of how you can go about it.
It is possible to sell trade cards, digital goods, game assets domain names, even physical assets! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The 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 create and market NFTs. This is essentially a way to ensure that you 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, so this can be a fantastic way to make a huge profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer your friend to OpenSea! If you refer 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 allows you to earn more cash from this act.
Other NFT marketplaces do not have the same feature This is a further benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Even though you can’t buy or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal to trade your fiat currency for cryptocurrency using these platforms. Nft Filter Source Port
You can swap your fiat currency using a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
All of them have the option of exchange for ETH which is the most common cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built using an ETH blockchain, all wallets that share the same network are suitable for the site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only, and the function to purchase cryptocurrency using a credit card. Nft Filter Source Port
For more information about the service to learn more, check out their FAQs to see a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Filter Source Port
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online and receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its low gas fees and low commission fees you must pay.
You can browse and purchase an array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties on OpenSea?
As an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison against others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been commonly used on this site and many others to accommodate more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile application from OpenSea for both iOS and Android. You can download it through their app store, and you can start exploring the collection now!
The desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).