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 across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea and also see the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Gene
The purpose for OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional fees. There are additional features which allow you to market your artwork without any issues.
In terms of registration, you don’t need to provide too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It is also based with the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains that are available you can pick which one you would like to transfer your NFT to as a seller. This ensures the safety of your NFT and those who would like to purchase it. All transactions will be made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to official art from an artist you admire. Anyone can become a seller however it takes a while before anyone can become an established one.
There is a wide variety of NFTs available on OpenSea and you could become a part of this! You can set up your own marketplace 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,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in 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. It can be an item of rarity like mint-condition baseball trading cards, or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you can sell online. It is simpler to simply imagine the NFT to be a type of digital item paid via cryptocurrency only.
Minting NFTs
Minting is like calling the shots to your NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and you’re selling it. Typically, this is official once you fill out the correct information about the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and creating a collection to start! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain, payment tokens). After you’ve completed the process then you’re able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see how transactions progress from here on out to see if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
In this moment you’re probably asking yourself which kind of NFT can be found here, and what you could also sell if you decide to pursue that route. The kind of NFT it can be 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, 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 function is the one that separates OpenSea from other companies. There are no gas costs when you utilize this feature when you mint and sell NFTs. This means you’ll be able to make the highest profits once you sell 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 NFT collection.
Referral Program
The Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency on these platforms. Nft Gene
You can exchange your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
All of them have the option of converting them into ETH that is the most common cryptocurrency payment option in OpenSea.
Crypto Wallets
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets still more compatible with it than other. Because it is based on an ETH blockchain, any wallets that share the same network are suitable for this site.
Here is a list of several crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency with credit cards. Nft Gene
To learn more about it, you can check their FAQs to get a rundown of how you can get started and which other wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
Pros
- Available as mobile apps 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 world and NFTs.
Cons
- Allows royalties of only 10% to artists (low royalties).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed for this marketplace.
Pricing
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Gene
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its no cost of gas and low commission fee rate you must pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year 2018. Because its system is based on a blockchain, it is safe to say that your transactions are secure and safe.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned on your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure that users are protected.
How can I earn royalties on OpenSea?
As an artist, you can get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared with others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is commonly used on this site and other sites to provide the increasing number of crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can make use of to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before there’s an official mobile app by OpenSea for both iOS and Android. You can download it through their app store, and then you can begin exploring the collection right now!
The Desktop application that OpenSea can be downloaded via 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/).
