The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up all over the internet, designed 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 about OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Labels
The goal for OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions without any extra fees. It has more functions that let you sell your artwork without any problems.
In terms of registration, you won’t have to provide any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also operates using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains, you can choose which one you would like to transfer your NFT to as an seller. This is to ensure the security of your NFT, along with the people who want to purchase it. All transactions are made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes time for anyone to be an established seller.
There is a wide variety in the collection at OpenSea and you could also be a part of this! You can create your own market on this site, as well as find NFTs that you would like to purchase yourself.
> > Click Here to Explore OpenSea < <
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 the majority of young people are familiar with it but not exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can buy includes an NFT. The NFT is a non-fungible currency that is very individual and cannot be changed. This can be a piece of rareness, such as mint-condition baseball trading cards or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item you’re selling on the internet. It is simpler to simply imagine the NFT as a digital item that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token you uploaded on market, as offering it for sale. Typically, this is official once you fill out all the necessary information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and making a collection to begin! Complete the correct and accurate information about your NFT and select the type of settings you want to use it with (e.g. blockchain, payments tokens). After you’ve completed the process, you can finally upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from here on out to see if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
So, at this point you’re probably asking yourself what kind of NFTs 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 as there’s a variety of options for how to go about it.
You can be selling trade cards, digital goods, game assets, domain names, and also physical goods! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the other options. There are no gas costs for using 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 begin selling since you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your portfolio.
Referral Program
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. While you’re not able to buy or sell something, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also exchange your fiat money for cryptocurrency using these platforms. Nft Labels
You can convert your fiat currency using a credit card or Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
All of these have the option of exchange for ETH, which is the primary crypto payment in OpenSea.
Crypto Wallets
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly using an ETH blockchain, all wallets which are part of the same network are suitable for this site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency with the credit card. Nft Labels
To learn more about it to learn more, check out their FAQs to get the steps you can begin and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
Pros
- Mobile apps available for iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
Cons
- Allows royalties up to 10% for artists (low royalty rates).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
Pricing
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Labels
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 a form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its no gas costs and the low commission rate which you are required to pay.
You can shop and browse an array of digital products on this NFT marketplace and you must check it out!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year of 2018. Since the system it operates on is based on a blockchain that is secure, you can say that your transactions are safe and secure.
Additionally as a seller you’ll be verified when you have built up your credibility. A blue checkmark will appear on your account or any collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure that users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is considered to be quite low in comparison against others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as other sites to provide more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can utilize to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier There is an official mobile app from OpenSea for both iOS as well as Android. Download it at their respective app store and begin exploring the collection now!
The desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts as well as receive notifications about updates to your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
