Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s explore what you can do with OpenSea and also see 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 review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Goat Meaning
The purpose of OpenSea was to offer artists with a marketplace/platform to easily upload their commissions, without having to pay any additional fees. It has more functions that let you sell your artwork without any problems.
In terms of registration, you won’t have to give any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It is also based using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains that are available you can pick which one you would like to upload your NFT on as a seller. This ensures the safety of your NFT as well as those who would like to purchase it. All transactions will be made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s 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 be a seller however, it takes some time for anyone to be an established one.
There’s a huge selection from the selection on OpenSea and you could also be a part of this! You can set up your own 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 development for the crypto market, the term “NFT” has been going around for so long on internet that many millennials are familiar with it but not exactly sure what it actually means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible token that is unique and can’t be changed. This can be a piece 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 item that you sell on the internet. It is simpler to simply imagine an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting NFTs
Minting is like calling dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to market, as you’re putting it up for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and create a collection! Complete the correct and complete information about your NFT and then select what type of settings you’d like for it (e.g., blockchain or money transfer tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
You can watch and see the way transactions are handled from here on out to see whether OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
In this moment, you’re probably wondering the kind of NFTs be purchased here and what you can also sell if you decide to pursue that route. The type of NFT that you can purchase is unlimited because there’s a wide range of options for how to approach it.
It is possible to sell trade cards, digital goods game assets domain names, even physical assets! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the other options. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This means you’ll receive the maximum profits when you begin selling since 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 collection.
Referral Program
The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive benefits when you refer someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have this 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 the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to trade your fiat currency for cryptocurrency using these platforms. Nft Goat Meaning
You can convert the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and more!
All of them have the option of converting them into ETH, which is the primary cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built on an ETH blockchain, any wallets with a connection to that network will be suitable for this website.
Here is a list of various crypto wallets that you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, mobile-only usage, and the function to buy cryptocurrency using credit cards. Nft Goat Meaning
To know more about it to learn more, check out their FAQs for a rundown of how you can get started and what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
Pros
- Mobile apps are available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
Cons
- Allows royalties of only 10% to artists (low royalty).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its type of payment.
- An Crypto digital wallet must be used for this marketplace.
Pricing
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Goat Meaning
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to market their work online to receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its low gas fees and low commission fee rate you must pay.
You can shop and browse an array of digital items on the NFT marketplace and you must go through it!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception in the year 2018. Since its system is built on blockchain technology and is secured, it is safe to say that your transactions are secure and safe.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark will appear on your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared to others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is frequently utilized on this website and numerous others to cater for more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile app by OpenSea that is available for iOS as well as Android. Download it at their respective app store, and begin browsing through the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
