The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you go on, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Influencers
The purpose for OpenSea was to provide an online marketplace for artists to easily upload their commissions with no additional fees. It also has additional functions that let you sell your work without having to deal with many difficulties.
When it comes to registration, you won’t have to provide any personal information about yourself. 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 much hassle as you step into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It is also based on the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains available it is possible to choose which one you’d like to publish your NFT as seller. This ensures the safety of your NFT as well as those who wish to buy it. All transactions are made by using the blockchain, which is why you need to think about 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 NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to an official artwork by an artist you admire. Anyone can sell however it takes some time for anyone to become an established seller.
There is a wide variety of NFTs available on OpenSea and you could become a part of that! You can create your own personal market there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible token that is unique and can’t be replaced. It could be a piece of rareness, such as authentic baseball cards or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you can sell online. It is simpler to simply think of an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the market place, but you’re selling it. Usually, this becomes official when you have filled in the proper information regarding the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then making a collection to begin! Input the appropriate and complete information about your NFT and then select what type of settings you’d like for it (e.g. blockchain or money transfer tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from now to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself what kind of NFTs be purchased here and what you can also sell if you decide to go that route. The kind of NFT it isn’t limited as there’s a variety of ways to do it.
You could be selling digital products, trading cards game assets domain names, some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the others. There’s no cost for gas when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t have to spend on any additional charges.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer advantages by referring a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t have this feature, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available for both iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency on these platforms. Nft Influencers
You can convert your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option of converting them into ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built using an ETH blockchain, all wallets that share that network will be suitable for this website.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency with credit cards. Nft Influencers
To learn more about it, you can check their FAQs for an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% for artists (low royalties).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Influencers
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists using for selling NFTs due to its low gas fees and the low commission rate which you are required to pay.
You can browse and shop for an array of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year 2018. Since its system is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
In addition, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared against the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is frequently used on this site and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile app from OpenSea for both iOS and Android. Install it from their app store and begin exploring the collection now!
The desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications on updates regarding 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/).