Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Like Bored Ape
The goal to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra costs. There are additional features which allow you to market your work without having to deal with many issues.
For registration, you won’t have to provide too many details about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It is also based on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains available it is possible to choose which one you would like to upload your NFT on as a seller. This ensures the safety of your NFT, along with the people who want to buy it. All transactions are made using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to an official artwork by an artist you admire. Anyone can sell however it takes time before anyone can become a reputable one.
There is a wide variety in the collection at OpenSea and you can also be a part of this! You can start your own marketplace on this site, as well as find NFTs you want to purchase for 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 the internet that a lot of millennials have heard of it but not exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can buy can be an NFT. An NFT is a non-fungible currency that is exclusive and cannot be changed. It can be an item of any rareness like 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 object that you can sell online. It is simpler to simply imagine the NFT as a digital item that is paid for using cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs on your own NFTs. You’re claiming the owner of the item or token that you have uploaded to the market place, but you’re offering it for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and complete information about your NFT and select the type of settings you want to use it with (e.g., blockchain or payments tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from here on out to determine whether OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
At this point you’re probably asking yourself the kind of NFTs be found here, and what you could also sell if you choose to go down that path. The kind of NFT it isn’t limited because there’s a wide range of how you can approach it.
It is possible to sell trade cards, digital goods games domain names, also physical goods! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There are no gas costs when you utilize this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, and it is great for you to make a huge profit from your collection.
Referral Program
A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which allows you to earn more cash by this method.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available for both iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also convert your fiat money into cryptocurrency using these platforms. Nft Like Bored Ape
You can exchange your fiat currency using a credit card or Paypal via these reputable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and other things!
All of them have the option of exchange for ETH, which is the primary cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than other. Since it is built using the ETH blockchain, any wallets that share that network will be suitable for this website.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency with a credit card. Nft Like Bored Ape
To know more about it to learn more, check out their FAQs for an overview 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 every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
Pros
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
Cons
- Allows royalty rates of up to 10% for artists (low royalty).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto account is needed to access this marketplace.
Pricing
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Like Bored Ape
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal option for artists who want to use the platform to market NFTs because of its zero cost of gas and low commission fee rate that you have to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception in the year 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
Additionally as a seller you will be verified after you build up your reputation. A blue checkmark will appear on your account or the collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared to others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as many others to accommodate more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As previously mentioned There is an official mobile app by OpenSea for both iOS or Android. You can download it through their app store, and begin exploring the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications on updates regarding 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/).
