The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the largest 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, along with checking 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Grow Tent
The goal for OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional costs. It has more functions which allow you to market your work without having to deal with many difficulties.
When it comes to the registration process, you don’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 and without much hassle as you step into NFTs.
The most well-known 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 which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains that are available, you can choose which one you would like to publish your NFT as seller. This is to ensure the security of your NFT, along with the people who want to purchase it. All transactions will be made by using the blockchain, so you should consider 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 cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to an official artwork by an artist you admire. Anyone can become a seller however it takes time before anyone can become an established one.
There is a wide variety of NFTs available at OpenSea and you can also be a part of that! You can set up your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t sure exactly what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a token that is non-fungible that is unique and can’t be replaced. This can be a piece of rareness, such as mint-condition baseball trading cards or rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item you’re selling online. In simpler terms, you could simply imagine the NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling the owner of the item or token you uploaded on market, as you’re selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and simply making a collection to begin! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use it with (e.g. blockchain and payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how transactions progress from here on out to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about which kind of NFT be purchased here, and what you could also sell if you decide to go down that path. The kind of NFT it is unlimited because there’s a wide range of how you can go about it.
You can be selling digital items, trading cards games domain names, also physical goods! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There are no gas costs when you utilize this feature to create and market NFTs. This means you’ll get the most profit when you sell because you don’t need to pay on any additional charges.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to receive high profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. While you’re not able to buy or sell things, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to convert your fiat money into cryptocurrency on these platforms. Nft Grow Tent
You can swap your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of converting them into ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based using an ETH blockchain, wallets with a connection to that network will be suitable for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage, and the function to buy cryptocurrency using credit cards. Nft Grow Tent
To learn more about it You can go through their FAQs for a rundown of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Grow Tent
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 a method of payment. It’s an excellent platform for artists using the platform to market NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception in 2018. Because its system is built on blockchain technology that is secure, you can claim that your transactions are protected and secured.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear on your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared against others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide the increasing number of cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that 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. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier There is an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store, and you can start browsing through the collection right now!
A 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 from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).