Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto coins. Markets have popped up all over the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
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 cryptocurrency users because of its security and rapid transactions.
Get on board, and discover what you can do with OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to check out 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 Gas
The aim of OpenSea was to offer a platform/marketplace for artists to upload their commissions without any extra charges. It also has additional functions which allow you to market your work without having to deal with many issues.
When it comes to registration, you don’t need to worry about giving any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It also operates using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains, you can choose which one you would like to upload your NFT on as an seller. This will ensure the security of your NFT, along with the people who want to buy it. All transactions are made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can sell however, it takes some time for anyone to be an established one.
There is a wide variety of NFTs available at OpenSea, and you can join in with that! You can start your own personal market here, along with finding NFTs you’d like to buy for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around so long on the internet that many millennials are familiar with it , but not exactly sure what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible token that is individual and cannot be changed. This can be a piece of rareness like mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object that you can sell online. It is simpler to just consider the NFT as a digital collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you have uploaded to market, as offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and then submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then creating a collection to start! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain or payment tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from now on to see if OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
At this point, you’re probably wondering which kind of NFT can you shop for here, and what you could also sell if you decide to go that route. The type of NFT that you can purchase isn’t limited because there’s a wide range of how you can do it.
It is possible to sell trade cards, digital goods games, domain names, and also physical goods! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the others. There are no gas costs when you utilize this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on additional fees.
Not many NFT marketplaces have this feature, and it is great for you to make a huge profit from your collection.
Referral Program
The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits by referring your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which means you can earn more money from this act.
Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available on both iOS and Android. Even though you can’t buy or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can convert your fiat money into cryptocurrency through these platforms. Nft Gas
You can swap your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
All of these have the option to exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than others. Because it is based using the ETH blockchain, wallets with a connection to the same network are suitable for this site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to buy cryptocurrency using credit cards. Nft Gas
To know more about it, you can check their FAQs for the steps you can get started and which other wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
Pros
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
Cons
- Allows royalties 10% for artists (low royalties).
- You cannot buy or sell products on the mobile app.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used for this marketplace.
Pricing
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, 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 are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Gas
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its no gas fees and low commission fees which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded in 2018. Because its system is built on blockchain technology, it is safe to declare that transactions are secure and safe.
Additionally as a seller you will be verified after you build up your reputation. A blue checkmark is placed next to your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be a reasonable amount compared to others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is widely used on this site and numerous others to cater for many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned, there is definitely an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store, and you can start exploring the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications on updates regarding 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/).
