The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth a look.
If you’re interested in crypto you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea and also see 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 review. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Jack Dorsey Tweet
The purpose to create OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional costs. It has more functions that let you sell your work without having to deal with many difficulties.
When it comes to registration, you won’t have to give all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for most processes. It also operates using the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains that are available it is possible to choose which one you would like to publish your NFT as a seller. This ensures the safety of your NFT, along with those who would like to buy it. All transactions are made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes time for anyone to be an established seller.
There are a variety of NFTs in the collection at OpenSea and you could also be a part of this! You can start your own market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t sure exactly what it is. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible token that is very unique and can’t be replaced. It could be an item of any rarity like mint-condition baseball trading cards or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you sell online. In simpler terms, you could simply imagine as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming the ownership of the particular item that you posted to the market place, but putting it up for sale. Typically, this is official when you have filled in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply create a collection! Complete the correct and complete information about your NFT and then select what type of settings you want for it (e.g., blockchain and money transfer tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how transactions progress from now on to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself which kind of NFT be found here, and what you could also sell if you choose to pursue that route. The type of NFT it can be is indefinite because there’s a wide range of how you can approach it.
You can be selling digital products, trading cards, game assets, domain names, and even physical assets! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the others. There are no gas costs for using this feature to create and market NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you don’t need to pay on any additional charges.
Very few NFT marketplaces have this feature, which is why this is a great way to receive high profit from your collection.
This 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 encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, letting you make more money through this action.
Other NFT marketplaces don’t offer the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also trade your fiat currency for cryptocurrency using these platforms. Nft Jack Dorsey Tweet
You can swap your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and other things!
Each of them has the option to exchange for ETH that is the standard cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than other. Because it is based on an ETH blockchain, all wallets which are part of this network are appropriate for this website.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage, and the function to purchase cryptocurrency with credit cards. Nft Jack Dorsey Tweet
For more information about the service You can go through their FAQs to get a rundown of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% for artists (low royalty).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Jack Dorsey Tweet
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs because of its zero gas costs 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 take a look!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established in the year 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
Furthermore, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark is placed on your account or the collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll get only 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared with the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is widely used on this site and numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile app by OpenSea for both iOS as well as Android. Download it at their respective app store, and begin browsing through the collection right now!
The version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and receive 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/).