The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto currency. Markets have popped up across the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see the NFTs available to view!
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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft House Sold
The aim for OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional costs. There are additional features which allow you to market your work without having to deal with many difficulties.
For registration, you don’t need to give all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It is also based on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains that are available it is possible to choose which one you would like to transfer your NFT to as seller. This is to ensure the security of your NFT, along with those who would like to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes a while before anyone can become an established seller.
There is a wide variety in the collection on OpenSea and you can become a part of that! You can create your own market here, along with finding NFTs you want to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the cryptocurrency 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 means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can buy is an NFT. The NFT is a non-fungible currency that is exclusive and cannot be changed. This can be a piece of rarity like rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could just imagine as an NFT as a digital collectible paid via cryptocurrency only.
Minting NFTs
Minting is like calling dibs to your NFTs. You are calling the owner of the item or token you uploaded on the market place, but putting it up for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and making a collection to begin! Fill out the proper and accurate information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain, payments tokens). Once that’s all done, you can finally upload it to the internet if it’s in 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?
At this point, you’re probably wondering what kind of NFTs can be found here and what you can sell should you decide to go down that path. The kind of NFT it is unlimited since there’s a broad range of options for how to go about it.
You could be selling digital products, trading cards games 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 feature is what separates OpenSea from the others. There are no gas costs for using this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces offer this feature, which is why this can be a fantastic way to make a huge profit from your NFT collection.
Referral Program
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer rewards when you refer your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it’s mostly used for perusing 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 as well as Android. While you’re not able to buy or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use You can also convert your fiat money into cryptocurrency through these platforms. Nft House Sold
You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and other things!
All of these have the option of exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Because it is based around an ETH blockchain, wallets which are part of the same network are suitable for this site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only, and the function to buy cryptocurrency using a credit card. Nft House Sold
To learn more about it You can go through their FAQs to get 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 every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
Pros
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
Cons
- Allows royalties of only 10% to artists (low royalty rates).
- Cannot buy or sell through our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required to use this marketplace.
Pricing
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft House Sold
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 their form of payment. It’s an ideal platform for artists who use it to sell NFTs due to its low gas costs and the low commission rate you must pay.
You can browse and purchase an array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year 2018. Since 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 can become verified once you build up your reputation. A blue checkmark will appear next to your account or the collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are safe.
How can I earn royalties on OpenSea?
As an artist, you can 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 is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is frequently used on this site as well as other sites to provide many more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As mentioned before, there is definitely an official mobile application from OpenSea available for both iOS and Android. Install it from their app store, and begin browsing through the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts and get alerts on any updates that affect 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/).
