The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Games Philippines
The aim to create OpenSea was to offer an online marketplace for artists to upload commissions without any extra fees. It has more functions that allow you to sell your work without having to deal with many difficulties.
For the registration process, you don’t have to give any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). The 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 using the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains available you can pick which one you want to transfer your NFT to as seller. This is to ensure the security of your NFT and those who wish to purchase it. All transactions are made using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name, to a piece of art by an artist you admire. Anyone can sell however it takes some time for anyone to become an established one.
There’s a huge selection of NFTs available at OpenSea and you can become a part of that! You can set up your own personal market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto market the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible token that is very exclusive and cannot be changed. This can be a piece of rarity like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible object that you sell on the internet. In simpler terms, you could simply imagine an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You’re claiming ownership over that particular token/item you uploaded on the marketplace, and putting it up for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and then create a collection! Complete the correct and complete information about your NFT and select the type of settings you want for it (e.g., blockchain, payment tokens). After that you are able to upload it if it fits the limit of 100MB.
You can watch and see how transactions progress from now to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering the kind of NFTs be purchased here and what kind of NFTs you can also sell if you choose to go down that path. The type of NFT that you can purchase isn’t limited because there’s a wide range of options for how to go about it.
You could be selling digital products, trading cards games, domain names, and even physical assets! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from other companies. There are zero gas fees for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t need to spend on extra fees.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to make a huge profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets, you can receive rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which means you can make more money through this action.
Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Games Philippines
You can exchange your fiat currency using a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of them have the option to exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than others. Because it is based on an ETH blockchain, all wallets that share that network will be suitable for this website.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with credit cards. Nft Games Philippines
To learn more about it You can go through their FAQs to get the steps you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is open 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. However, overall, you will quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Games Philippines
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists using the platform to market NFTs due to its low gas fees and the low commission rate you must pay.
You can browse and purchase an array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to declare that transactions are safe and secure.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned to your account or any collection that you have uploaded to assure anyone who buys from you. 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 will be paid only 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared to other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as many others to accommodate more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea for both iOS as well as Android. You can download it through their app store, and begin browsing through the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and get notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).