Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Legends
The goal for OpenSea was to provide an online marketplace for artists to upload commissions without any extra fees. It has more functions which allow you to market your art without too many problems.
For 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 going through many hassles when you enter into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). The 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 allows for the lowest cost and speediest trading.
With these two kinds of blockchains it is possible to choose which one you’d like to publish your NFT as a seller. This ensures the safety of your NFT as well as those who would like to buy it. All transactions are made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can become a seller, but it takes time for anyone to become an established seller.
There’s a huge selection in the collection of NFTs available at OpenSea and you could become a part of this! You can create your own market there, and also find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible currency that is exclusive and cannot be replaced. It could be an item of any rareness like mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item you’re selling online. It is simpler to simply consider the NFT as a digital item paid via cryptocurrency only.
Minting NFTs
Minting is like calling the shots for your personal NFTs. It is a way of claiming ownership over that particular token/item that you posted to the market place, but selling it. Usually, this becomes official after you fill in the correct information about the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and simply creating a collection to start! Fill out the proper and accurate information about your NFT and then select what type of settings you want for it (e.g. blockchain or payments tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe the way transactions are handled from now to see whether OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
In this moment you’re probably thinking about the kind of NFTs can you shop for here and what kind of NFTs you can also sell if you decide to go down that path. The type of NFT that you can purchase is unlimited as there’s a variety of options for how to approach it.
You can be selling digital products, trading cards games, domain names, and even physical assets! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from other companies. There’s no cost for gas when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t need to spend on additional fees.
Not many NFT marketplaces have this feature, and it is a great way to earn a high return from your collection.
Referral Program
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer advantages by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there 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 this feature This is a further advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you, and you can convert your fiat money into cryptocurrency on these platforms. Nft Legends
You can convert the fiat currency you have with a the credit card, or Paypal on these reliable websites 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
Although OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly around the ETH blockchain, any wallets that share this network are appropriate for this site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only, and the function to purchase cryptocurrency using a credit card. Nft Legends
To learn more about it to learn more, check out their FAQs for the steps you can get started 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 its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
Pros
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
Cons
- Allows royalties 10% to artists (low royalties).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a form of payment.
- A Crypto account is needed to access this marketplace.
Pricing
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Legends
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists who use it to sell NFTs due to its no cost of gas and the low commission rate you must pay.
You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Since the system it operates on is based on a blockchain, it is safe to claim that your transactions are safe and secure.
Furthermore, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed next to your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties from OpenSea?
As an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be quite low in comparison against other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is widely used on this site as well as many others to accommodate the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store and then you can begin exploring the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and get 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/).
