The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Get on board, and let’s explore the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Fur For Sale
The goal of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional costs. There are additional features that let you sell your work without having to deal with many problems.
In terms of registration, you don’t need to provide 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 and without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for most processes. It also functions using the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains it is possible to choose which one you want to upload your NFT on as a seller. This ensures the safety of your NFT and the people who want to purchase it. All transactions will be made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes some time before anyone can become a reputable one.
There is a wide variety from the selection on OpenSea and you can join in with the collection! You can set up your own personal market on this site, as well as find NFTs that you would like to purchase 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 so long on the internet that many millennials have heard of it but aren’t sure exactly what it is. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible currency that is very individual and cannot be substituted. It can be a piece of rarity like authentic baseball cards or rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling on the internet. In simpler terms, you could just think of the NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and you’re selling it. Typically, this is official after you fill in the proper information regarding the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and making a collection to begin! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain and payment tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from now to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering what kind of NFTs can be found here and what you can also sell if you choose to go that route. The type of NFT it is unlimited since there’s a broad range of how you can approach it.
You can be selling digital items, trading cards games domain names, also physical goods! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the others. There are no gas costs for using this feature to mint and sell NFTs. This means you’ll get the most profit when you sell because you won’t need to spend on extra fees.
Not many NFT marketplaces offer this feature, so this is a great way to earn a high return from your portfolio.
This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces that offer rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on both iOS and Android. While you’re not able to buy or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Fur For Sale
You can swap your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
All of them have the option of exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built mainly around the ETH blockchain, wallets with a connection to this network are appropriate 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 are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only and the ability to buy cryptocurrency using a credit card. Nft Fur For Sale
For more information about the service, you can check their FAQs for a rundown of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Fur For Sale
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists using the platform to market NFTs due to its low gas costs and low commission fee rate that you have to pay.
You can shop and browse an array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea real and secure?
Short answer: Yes! OpenSea is a reputable marketplace since its inception in 2018. Since the system it operates on is based on a blockchain, it is safe to say that your transactions are safe and secure.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark is placed next to your account or any collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is considered to be quite low in comparison with other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely used on this site as well as many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app by OpenSea available for both iOS or Android. You can download it through their app store, and begin exploring the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and 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/).