The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto coins. Markets have popped up across the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, 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.
OpenSea as an NFT Marketplace Nft Kings Of Leon
The purpose for OpenSea was to simply provide a platform/marketplace for artists to upload commissions, without having to pay any additional costs. There are additional features that let you sell your work without having to deal with many difficulties.
When it comes to registration, you won’t have to worry about giving too many details about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains that are available, you can choose which one you’d like to transfer your NFT to as a seller. This is to ensure the security of your NFT and the people who want to purchase it. Every transaction will be conducted by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist you admire. Anyone can sell however it takes some 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 that! You can set up your own personal 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,”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 aren’t exactly sure what it means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is individual and cannot be changed. It could be an item of any rareness, such as mint-condition baseball trading cards, or a unique vinyl album.
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 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 the ownership of the particular item that you posted to the market place, but putting it up for sale. Typically, this is official once you fill out the correct information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and making a collection to begin! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain and payment tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
It is possible to wait and see how the transactions go from now on to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself what kind of NFTs can you shop for here, and what you could sell should you decide to go down that path. The type of NFT it can be isn’t limited because there’s a wide range of options for how to approach it.
You could be selling trade cards, digital goods game assets, domain names, and some physical items! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from other companies. There are zero gas fees when you utilize this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t need to spend on extra fees.
Very few NFT marketplaces have this feature, which is why this is a great way to earn a high return from your collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets that offer advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which means you can make more money by this method.
Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. Nft Kings Of Leon
You can convert the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option to exchange for ETH, which is the standard crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly on the ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. Nft Kings Of Leon
To learn more about it to learn more, check out their FAQs to see 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, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalties).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Kings Of Leon
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists using for selling NFTs due to its no gas costs and low commission fees you must pay.
You can shop and browse the vast array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year of 2018. Since the system it operates on is built on blockchain technology, it is safe to declare that transactions are protected and secured.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed on your account or collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure that users are secure.
How can I earn royalties from OpenSea?
As an artist, you will get only 10% of the royalties once you upload the NFT. This is considered to be reasonably low compared to other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as other sites to provide more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned there’s an official mobile app by OpenSea for both iOS as well as Android. You can download it through their app store and then you can begin browsing through the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).