Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up all over the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s explore 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Jake Paul
The purpose for OpenSea was to offer artists with a marketplace/platform to upload commissions, without having to pay any additional fees. It has more functions that let you sell your art without too many issues.
For the registration process, you don’t have to provide any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for most processes. It also operates using the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains, you can choose which one you’d like to upload your NFT on as a seller. This is to ensure the security of your NFT and those who wish to buy it. All transactions are made using this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes some time for anyone to be a reputable one.
There’s a huge selection of NFTs available at OpenSea and you could also be a part of the collection! You can start your own market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency 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 sure exactly what it means. 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 new things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible token that is exclusive and cannot be replaced. This can be a piece of rarity like authentic baseball cards or rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item that you sell on the internet. It is simpler to just consider as an NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming the owner of the item or token that you posted to market, as you’re offering it for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and create a collection! Complete the correct and accurate information about your NFT and then select what type of settings you’d like for it (e.g., blockchain, money transfer tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now on to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself what kind of NFTs can you shop for here, and what you could also sell if you choose to pursue that route. The type of NFT it is indefinite since there’s a broad range of how you can do it.
You could be selling digital items, trading cards game assets domain names, some physical items! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the other options. There are zero gas fees when you use this feature to mint and sell NFTs. This means you’ll be able to make the highest profits once you sell because you won’t have to spend on any additional charges.
Not many NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you earn more money from this act.
Other NFT marketplaces do not have this feature and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through 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 in addition to Android. Although you aren’t able to purchase or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also exchange your fiat money for cryptocurrency on these platforms. Nft Jake Paul
You can swap the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
All of them have the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built around the ETH blockchain, wallets with a connection to this network are appropriate for this site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with credit cards. Nft Jake Paul
For more information about the service You can go through their FAQs for a rundown of how you can start and also what other crypto wallets are compatible with 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. You can view its pros and cons here:
- Available as mobile apps 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.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Jake Paul
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists using it to sell NFTs due to its no cost of gas and low commission fee rate you must pay.
You can shop and browse an array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year 2018. Since its system is built on blockchain technology and is secured, it is safe to declare that transactions are safe and secure.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed on your account or the collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is commonly used on this site and many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
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 begin exploring the collection now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).