Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto currency. Marketplaces are popping up all over the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re interested in crypto, you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Free To Play
The goal of OpenSea was to provide a platform/marketplace for artists to upload commissions, without having to pay any additional fees. It has more functions that allow you to sell your artwork without any difficulties.
In terms of the registration process, you don’t have to worry about giving too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It is also based using the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains 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 as well as those who would like to buy it. Every transaction will be conducted along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can sell, but it takes a while before anyone can become a reputable one.
There are a variety of NFTs from the selection at OpenSea and you could also be a part of this! You can start your own marketplace here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials have heard of it but aren’t sure exactly what it means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. The NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. This can be a piece of rareness, such as rare baseball trading cards in mint condition or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object that you can sell online. It is simpler to simply consider as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the marketplace, and you’re selling it. Typically, this is official after you fill in the correct information about the NFT and add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then making a collection to begin! Fill out the proper and correct information regarding your NFT and select the type of settings you want for it (e.g. blockchain, money transfer tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from now on to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself what kind of NFTs can be found here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT that you can purchase isn’t limited since there’s a broad range of ways to approach it.
You could be selling trade cards, digital goods games domain names, even physical assets! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from the others. There are zero gas fees when you use this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you start selling because you don’t need to pay on any additional charges.
Very few NFT marketplaces have this feature, and it is a great way to receive high profit from your collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
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 at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. Nft Free To Play
You can exchange the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
All of these have the option of converting them into ETH that is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly using an ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, only mobile usage, and the function to purchase cryptocurrency using the credit card. Nft Free To Play
For more information about the service, you can check their FAQs to see an overview of how you can start and which other wallets are compatible with 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:
- Mobile apps are available for iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its type of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Free To Play
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online to receive cryptocurrency as a form of payment. It’s a great platform for artists who use it to sell NFTs because of its zero gas costs and low commission fees that you have to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception in the year 2018. Since its system is built on a blockchain that is secure, you can declare that transactions are safe and secure.
Additionally, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark is placed on your account or the collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure that users are secure.
How can I earn royalties from OpenSea?
As an artist, you can receive only up to 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison to the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is frequently used on this site and numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app from OpenSea for both iOS and Android. Install it from their app store and then you can begin exploring the collection now!
A version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to 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/).