The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. Markets have popped up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Management Council
The goal to create OpenSea was to offer an online marketplace for artists to upload commissions with no additional charges. There are additional features which allow you to market your art without too many difficulties.
In terms of registration, you don’t need to give any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It is also based using the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains that are available you can pick which one you would like to publish your NFT as an seller. This ensures the safety of your NFT, along with the people who want to purchase it. All transactions will be made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist that you admire. Anyone can be a seller however, it takes some time for anyone to become a reputable one.
There are a variety of NFTs in the collection on OpenSea and you can become a part of that! You can start your own personal market on this site, as well as find NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t sure exactly what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency that is individual and cannot be substituted. It could be an item of any rarity like authentic baseball cards or uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you sell on the internet. It is simpler to simply think of an NFT being a virtual item paid via cryptocurrency only.
Minting NFTs
Minting is like calling dibs to your NFTs. You are calling the ownership of the particular item that you posted to the market place, but putting it up for sale. Typically, this is official once you fill out the proper information regarding the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and simply making a collection to begin! Input the appropriate and accurate information about your NFT and select the type of settings you’d like for it (e.g. blockchain and payment tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from here on out to see whether OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
In this moment, you’re probably wondering what kind of NFTs you shop for here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT it is unlimited as there’s a variety of ways to do it.
You could be selling digital items, trading cards game assets domain names, 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 sets OpenSea from other companies. There’s no cost for gas for using this feature to create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you don’t need to pay on additional fees.
Very few NFT marketplaces offer this feature, and it is great for you to make a huge profit from your portfolio.
Referral Program
A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more money through this action.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on both iOS as well as Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re interested in 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 Management Council
You can exchange your fiat money via the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
All of these have the option of converting them into ETH that is the primary cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets still more compatible with it than other. Since it is built using the ETH blockchain, all wallets which are part of the same network are suitable for this site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency with the credit card. Nft Management Council
To learn more about it to learn more, check out their FAQs to see 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, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
Pros
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
Cons
- Allows royalties 10% to artists (low royalties).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed to use this marketplace.
Pricing
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Management Council
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to sell their works online, and to accept cryptocurrency as a method of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its low gas fees and the low commission rate you must pay.
You can shop and browse the vast array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in the year 2018. Since the system it operates on is built on a blockchain that is secure, you can say that your transactions are secure and safe.
Furthermore as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark is placed to your account or the collection you uploaded to reassure every customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared to the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can use to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier there’s an official mobile app by OpenSea for both iOS and Android. Install it from their app store and you can start exploring the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and 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/).
