Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto-coins. Markets have popped up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and discover what you can do with 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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Insurance
The goal of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions with no additional fees. There are additional features that allow you to sell your work without having to deal with many difficulties.
For registration, you don’t need to give too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for most processes. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains available you can pick which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT as well as the people who want to buy it. Every transaction will be conducted along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name to an official artwork by an artist you admire. Anyone can sell, but it takes time for anyone to be a reputable one.
There is a wide variety from the selection at OpenSea, and you can become a part of the collection! You can set up your own personal market on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto industry, the term “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can buy can be an NFT. A NFT is a non-fungible currency that is individual and cannot be changed. This can be an item of rarity like authentic baseball cards, or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing you’re selling online. More straightforwardly, you can just consider an NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling ownership over that particular token/item that you posted to the market place, but selling it. Typically, this is official once you fill out the correct information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and then creating a collection to start! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain, payment tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from now on to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about which kind of NFT can be found here, and what you could also sell if you choose to pursue that route. The kind of NFT it can be is unlimited since there’s a broad range of options for how to go about it.
You could be selling trade cards, digital goods games domain names, also physical goods! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the other options. There are zero gas fees when you use this feature when you make and then sell the NFTs. This means you’ll get the most profit when you start selling because you won’t need to spend on additional fees.
Not many NFT marketplaces provide this feature, and it is a great way to receive high profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, letting you earn more money through this action.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you to convert your fiat money into cryptocurrency through these platforms. Nft Insurance
You can swap your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option of converting them into ETH which is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built around an ETH blockchain, wallets which are part of this network are appropriate for the site.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage as well as the capability to purchase cryptocurrency using credit cards. Nft Insurance
To learn more about it You can go through their FAQs to see a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Insurance
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to sell their works online and receive cryptocurrency as a method of payment. It’s a great option for artists who want to use the platform to market NFTs because of its zero cost of gas and low commission fee rate you must pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace and you must go through it!
Is OpenSea real and safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in 2018. Because its system is based on a blockchain, it is safe to say that your transactions are secure and safe.
In addition as a seller you can become verified once you’ve earned a reputation. A blue checkmark is placed on your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you can get only 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared to other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and many others to accommodate many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS as well as Android. You can download it through their app store, and then you can begin exploring the collection now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts as well as 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/).