The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up all over the internet, designed to purchase and sell 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’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
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 Food Safe Plastic Trays
The aim to create OpenSea was to simply provide artists with a marketplace/platform to upload their commissions with no additional charges. It also has additional functions which allow you to market your work without having to deal with many problems.
When it comes to the registration process, you don’t have 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 going through many hassles when you enter into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for most processes. It also operates with the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as an seller. This is to ensure the security of your NFT, along with those who wish to buy it. Every transaction will be conducted using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to official art by an artist you admire. Anyone can become a seller however, it takes some time before anyone can become an established seller.
There’s a huge selection from the selection on OpenSea and you could also be a part of the collection! You can set up your own personal market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto industry, the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but not exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy can be an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be substituted. It could be a piece of rarity like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item that you sell online. More straightforwardly, you can just think of the NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the owner of the item or token you uploaded on the market place, but you’re putting it up for sale. Usually, this becomes official when you have filled in the proper information regarding 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 making a collection to begin! Fill out the proper and correct information regarding your NFT and choose what kind of settings you want for it (e.g., blockchain or payment tokens). Once that’s all done, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how the transactions go from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering which kind of NFT be found here, and what you could also sell if you choose to go down that path. The kind of NFT it is unlimited as there’s a variety of ways to approach it.
It is possible to sell digital items, trading cards game assets domain names, even physical assets! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the other options. There’s no cost for gas for using this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, which means you can make more money from this act.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage 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 anything as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency using these platforms. Nft Food Safe Plastic Trays
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
All of them have the option of exchange for ETH which is the standard cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than others. Since it is built mainly on the ETH blockchain, all wallets with a connection to this network are appropriate for this site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency using credit cards. Nft Food Safe Plastic Trays
To learn more about it to learn more, check out their FAQs for a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
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. It is possible to read about its pros and pros here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Food Safe Plastic Trays
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online to receive cryptocurrency as a method of payment. It’s a great option for artists who want to use the platform to market NFTs due to its low gas fees and the low commission rate that you have to pay.
You can browse and purchase an array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established in the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can say that your transactions are secure and safe.
In addition as a seller you will be verified after you build up your reputation. A blue checkmark is placed next to your account or the collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared against the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as other sites to provide the increasing number of cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned There is an official mobile application from OpenSea that is available for iOS and Android. You can download it through their app store and begin browsing through the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts as well as receive 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/).