The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s explore 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Grow Forum
The purpose for OpenSea was to simply provide artists with a marketplace/platform to upload commissions, without having to pay any additional charges. It has more functions that let you sell your art without too many difficulties.
When it comes to registration, you won’t have to provide all of your personal details. All you need to connect your crypto 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.
OpenSea: Blockchain
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It also operates on the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains available you can pick which one you would like to upload your NFT on as seller. This ensures the safety of your NFT as well as those who would like to buy it. Every transaction will be conducted using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist that you admire. Anyone can be a seller however, it takes time for anyone to be an established seller.
There is a wide variety of NFTs available on OpenSea and you could become a part of this! You can create your own personal market there, and also find NFTs you’d like to buy for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the cryptocurrency industry the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but not exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible token that is very exclusive and cannot be changed. It can be an item of rareness, such as rare baseball trading cards in mint condition or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object you’re selling online. More straightforwardly, you can just think of as an NFT being a virtual collectible paid via cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs to your NFTs. You are calling the ownership of the particular item you uploaded on the marketplace, and you’re offering it for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and simply creating a collection to start! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain, payments tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from here on out to see if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
At this point you’re probably thinking about what kind of NFTs can be purchased here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT that you can purchase is unlimited since there’s a broad range of options for how to go about it.
It is possible to sell digital items, trading cards games, domain names, and also physical goods! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the other options. There are zero gas fees when you use this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t have to spend on any additional charges.
Not many NFT marketplaces offer this feature, and it is a great way to earn a high return from your collection.
Referral Program
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to make more money through this action.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency using these platforms. Nft Grow Forum
You can convert your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
Each of them has the option of exchange for ETH which is the primary crypto payment in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly using the ETH blockchain, wallets that share the same network are suitable for the site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage and the ability to purchase cryptocurrency using a credit card. Nft Grow Forum
To know more about it to learn more, check out their FAQs to see a rundown of how 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. It is possible to read about its pros and cons here:
Pros
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
Cons
- Allows royalties of only 10% to artists (low royalties).
- You cannot buy or sell products on the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto wallet is required for this marketplace.
Pricing
OpenSea is available to anyone who has any crypto currency in their cryptocurrency 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 are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Grow Forum
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists using it to sell NFTs due to its low gas costs and the low commission rate you must pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Since its system is based on a blockchain that is secure, you can declare that transactions are secure and safe.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark is placed on your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared to other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is commonly utilized on this website and many others to accommodate many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods 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 have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier there’s an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store and then you can begin exploring the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and get notifications on updates regarding 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/).
