Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. Markets have popped up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea and also see the NFTs available to view!
Before you go on, you may want to watch 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 Help With Executive Functioning
The purpose of OpenSea was to offer a platform/marketplace for artists to upload commissions without any extra charges. It also has additional functions that allow you to sell your work without having to deal with many issues.
In terms of registration, you won’t have to give too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency to use on 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 also functions with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains, you can choose which one you want to publish your NFT as an seller. This will ensure the security of your NFT as well as those who wish to buy it. Every transaction will be conducted using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name, to a piece of art by an artist you admire. Anyone can become a seller however, it takes some time for anyone to be a reputable one.
There are a variety of NFTs from the selection on OpenSea and you could become a part of that! You can set up your own personal market there, and also find NFTs you’d like to buy for yourself.
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 the majority of young people are familiar with it , but aren’t exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can buy is an NFT. An NFT is a non-fungible token which is extremely individual and cannot be changed. It can be an item of any rareness, such as rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object you’re selling online. In simpler terms, you could just consider as an NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but selling it. Usually, this is recognized once you fill out the correct information about the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain, money transfer tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see the way transactions are handled from now on to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself which kind of NFT be found here and what you can also sell if you choose to go down that path. The kind of NFT it is indefinite because there’s a wide range of ways to do it.
It is possible to sell digital items, trading cards, game assets domain names, even physical assets! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas when you use this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t have to spend on extra fees.
Very few NFT marketplaces provide this feature, so this is a great way to receive high profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer benefits when you refer your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which allows you to make more money through this action.
Other NFT marketplaces do not have this kind of feature either This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on both iOS and Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Help With Executive Functioning
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of these have the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than other. Since it is built using the ETH blockchain, any wallets that share the same network are suitable for this website.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage, and the function to purchase cryptocurrency using credit cards. Nft Help With Executive Functioning
For more information about the service to learn more, check out their FAQs for the steps you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Help With Executive Functioning
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s a great platform for artists using it to sell NFTs due to its low gas fees and low commission fees that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace and you must check it out!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year 2018. Since the system it operates on is built on a blockchain, it is safe to claim that your transactions are safe and secure.
In addition as a seller you can become verified once you have built up your credibility. A blue checkmark will appear to your account or the collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use 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 sell cryptocurrency through reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app by OpenSea for both iOS or Android. You can download it through their app store and then you can begin browsing through the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts as well as receive notifications about updates to 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/).