The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto-coins. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Gullys
The aim of OpenSea was to simply provide an online marketplace for artists to easily upload their commissions without any extra fees. There are additional features which allow you to market your art without too many issues.
For the registration process, you don’t have to provide all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains, you can choose which one you’d like to transfer your NFT to as a 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, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can sell however, it takes some time for anyone to become an established seller.
There are a variety of NFTs of NFTs available on OpenSea, and you can become a part of that! You can start your own market on this site, as well as find NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but not exactly sure what it is. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the latest ways you can buy can be an NFT. An NFT is a token that is non-fungible that is unique and can’t be changed. It could be a piece of rarity like authentic baseball cards, or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible item that you can sell online. It is simpler to just think of the NFT as a digital collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is similar to calling for dibs to your NFTs. You are calling the ownership of the particular item that you posted to the marketplace, and you’re putting it up for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and simply creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you’d like for it (e.g. blockchain, payment tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
You can wait and observe 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?
In this moment you’re probably thinking about which kind of NFT be found here, and what you could sell should you decide to pursue that route. The kind of NFT it is unlimited because there’s a wide range of options for how to do it.
You could be selling digital products, trading cards game assets, domain names, and also physical goods! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the others. There are zero gas fees when you use this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to make a huge profit from your NFT collection.
Referral Program
The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, letting you earn more cash from this act.
Other NFT marketplaces don’t 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 to browse through the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. While you’re not able to buy or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. Nft Gullys
You can convert your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and other things!
All of these have the option to exchange for ETH, which is the primary crypto payment in OpenSea.
Crypto Wallets
Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based using an ETH blockchain, any wallets which are part of the same network are suitable for the site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only, and the function to buy cryptocurrency using a credit card. Nft Gullys
For more information about the service to learn more, check out their FAQs to get a rundown of how you can start and which other wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
Pros
- Mobile apps are available that are compatible with 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 market and NFTs.
Cons
- Allows royalty rates of up to 10% for artists (low royalties).
- It is not possible to buy or sell items through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto digital wallet must be used to use 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 that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Gullys
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online to receive cryptocurrency as a method of payment. It’s an ideal platform for artists who use it to sell NFTs due to its no gas costs and the low commission rate you must pay.
You can browse and purchase an array of digital items on the NFT marketplace and you must take a look!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established in the year of 2018. Since the system it operates on is built on a blockchain that is secure, you can declare that transactions are secure and safe.
Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark will appear to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you can get only 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is frequently used on this site and other sites to provide the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile application from OpenSea for both iOS as well as Android. You can download it through their app store, and begin browsing through the collection right now!
There is also 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 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/).
