Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto currency. Markets have popped up all over the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth a look.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and discover the possibilities of OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Legal Issues
The goal for OpenSea was to provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional charges. It also has additional functions that allow you to sell your artwork without any difficulties.
When it comes to the registration process, you don’t have to provide all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also operates on the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains it is possible to choose which one you would like to publish your NFT as an seller. This is to ensure the security of your NFT, along with those who wish to purchase it. All transactions will be made by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to official art from an artist you admire. Anyone can be a seller however it takes time for anyone to be an established one.
There’s a huge selection from the selection at OpenSea, and you can become a part of the collection! You can create your own marketplace here, along with finding NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the cryptocurrency industry the term “NFT” has been going around so long on the internet that the majority of young people have heard of it but not exactly sure what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can buy is an NFT. The NFT is a non-fungible currency that is individual and cannot be substituted. It can be a piece of rareness, such as rare baseball trading cards in mint condition or unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible item you’re selling online. More straightforwardly, you can just consider as an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling the shots on your own NFTs. You are calling the owner of the item or token that you posted to the marketplace, and you’re selling it. Usually, this is recognized after you fill in the proper information regarding the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and simply making a collection to begin! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain, payment tokens). After you’ve completed the process, you can finally upload it, if it’s within the limit of 100MB.
You can watch and see how the transactions go from here on out to see whether OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
At this point you’re probably asking yourself which kind of NFT you shop for here, and what you could sell should you decide to pursue that route. The kind of NFT that you can purchase is unlimited as there’s a variety of how you can do it.
You could be selling digital products, trading cards games, domain names, and some physical items! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This means you’ll be able to make the highest profits once you sell because you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, and it can be a fantastic way to receive high profit from your portfolio.
Referral Program
The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more cash from this act.
Other NFT marketplaces do not have the same feature This is a further advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you You can also exchange your fiat money for cryptocurrency through these platforms. Nft Legal Issues
You can exchange the fiat currency you have with a credit card or Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and other things!
Each of them has the option of converting them into ETH, which is the standard cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based around the ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here is a list of different crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage as well as the capability to buy cryptocurrency using the credit card. Nft Legal Issues
To learn more about it, you can check their FAQs to get a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
Pros
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
Cons
- Allows royalty rates of up to 10% for artists (low royalty).
- It is not possible to buy or sell items via this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used for this marketplace.
Pricing
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Legal Issues
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists using it to sell NFTs due to its low gas fees and the low commission rate you must pay.
You can shop and browse an array of digital items on the NFT marketplace and you must go through it!
Is OpenSea real and secure?
Answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year 2018. Since its system is based on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear next to your account or collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you will get only 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared to the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is frequently used on this site and numerous others to cater for more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store and you can start exploring the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts as well as receive 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/).
