Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s see what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch 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 Lori Yates
The goal for OpenSea was to provide artists with a marketplace/platform to upload their commissions without any extra charges. It also has additional functions that allow you to sell your artwork without any issues.
For registration, you won’t have to worry about giving any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains that are available you can pick which one you would like to transfer your NFT to as seller. This will ensure the security of your NFT as well as the people who want to buy it. All transactions will be made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist that you admire. Anyone can be a seller, but it takes time for anyone to become an established one.
There are a variety of NFTs in the collection on OpenSea and you could become a part of that! You can create your own personal market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency 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 sure exactly what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. A NFT is a token that is non-fungible that is exclusive and cannot be changed. This can be a piece of rarity like mint-condition baseball trading cards or unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible item that you sell on the internet. It is simpler to simply consider the NFT being a virtual collectible paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling the owner of the item or token that you posted to the market place, but offering it for sale. Typically, this is official once you fill out the correct information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and simply create a collection! Input the appropriate and accurate information about your NFT and select the type of settings you want to use it with (e.g., blockchain, payment tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe the way transactions are handled from now to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself what kind of NFTs can you shop for here and what you can sell should you decide to go that route. The type of NFT it is indefinite because there’s a wide range of ways to approach it.
You can be selling digital products, trading cards games domain names, some physical items! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from the others. There are no gas costs for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t need to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, so this can be a fantastic way to receive high profit from your collection.
This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, letting you make more money by this method.
Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available for both iOS and Android. Even though you can’t buy or sell anything, you can still look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency using these platforms. Nft Lori Yates
You can exchange your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
All of them have the option of converting them into ETH which is the most common crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Because it is based on the ETH blockchain, all wallets which are part of this network are appropriate for this website.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage, and the function to purchase cryptocurrency using a credit card. Nft Lori Yates
For more information about the service, you can check their FAQs to see the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- It is not possible to buy or sell items via our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Lori Yates
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online, and to accept cryptocurrency as a form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its no gas costs and the low commission rate that you have to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception in 2018. Because its system is built on a blockchain, it is safe to claim that your transactions are protected and secured.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared against the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and other sites to provide many more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before There is an official mobile app by OpenSea that is available for iOS as well as Android. Download it at their respective app store and begin exploring the collection right now!
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 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/).