The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. Markets have popped up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and discover what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Fursuit
The purpose of OpenSea was to offer a platform/marketplace for artists to upload their commissions without any extra fees. There are additional features which allow you to market your work without having to deal with many problems.
When it comes to registration, you don’t need to provide all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most popular 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 for the majority of transactions. It also operates with the Polygon blockchain, which ensures 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 seller. This is to ensure the security of your NFT, along with the people who want to buy it. Every transaction will be conducted using 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 where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name, to a piece of art from an artist you admire. Anyone can sell, but it takes a while for anyone to be a reputable one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you could join in with that! You can set up your own market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t sure exactly what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a token that is non-fungible that is individual and cannot be changed. It could be a piece of rareness, such as mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object that you can sell online. More straightforwardly, you can simply consider an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You are calling the ownership of the particular item that you posted to the market place, but you’re putting it up for sale. Usually, this is recognized when you have filled 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 visiting the store and creating a collection to start! Complete the correct and complete information about your NFT and then select what type of settings you want to use it with (e.g., blockchain and money transfer tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from now to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself what kind of NFTs can be found here, and what you could also sell if you choose to pursue that route. The kind of NFT it can be is unlimited because there’s a wide range of options for how to do it.
It is possible to sell digital items, trading cards games domain names, also physical goods! 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 differentiates OpenSea from the other options. There’s no cost for gas when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t need to spend on extra fees.
Not many NFT marketplaces have this feature, so this can be a fantastic way to earn a high return from your NFT collection.
The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can earn more cash from this act.
Other NFT marketplaces do not have this feature This is a further benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Even though you can’t buy or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency through these platforms. Nft Fursuit
You can exchange your fiat money via your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of converting them into ETH which is the primary crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than others. Because it is based using an ETH blockchain, wallets that share this network are appropriate for this 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 are available on the OpenSea FAQ page. Each has its own limitations including simple registration, only mobile usage and the ability to purchase cryptocurrency using the credit card. Nft Fursuit
To learn more about it You can go through their FAQs to see a rundown of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- It is not possible to buy or sell items via our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Fursuit
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists who use it to sell NFTs due to its low gas fees and low commission fees that you have to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year of 2018. Because its system is based on a blockchain, it is safe to declare that transactions are safe and secure.
Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark will be assigned to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before there’s an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store, and you can start exploring the collection right now!
A desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts as well as receive alerts on any updates that affect 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/).