The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up all over the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and discover the possibilities of OpenSea, along with checking 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.
OpenSea as an NFT Marketplace Nft Management Miami
The aim of OpenSea was to provide a platform/marketplace for artists to upload commissions with no additional charges. There are additional features that allow you to sell your art without too many problems.
When it comes to registration, you don’t need to provide all of your personal details. 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.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It also functions using the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you want to publish your NFT as a seller. This ensures the safety of your NFT, along with the people who want to purchase it. All transactions are made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange 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 a while for anyone to be an established seller.
There is a wide variety in the collection of NFTs available at OpenSea and you can also be a part of that! You can start your own market there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible token that is very exclusive and cannot be substituted. It can be an item of any rareness like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you sell online. It is simpler to just imagine as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and putting it up for sale. Typically, this is official once you fill out the proper information regarding the NFT and submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and create a collection! Complete the correct and complete information about your NFT and select the type of settings you want for it (e.g. blockchain, money transfer 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 how transactions progress from now to see whether OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself which kind of NFT be purchased here and what kind of NFTs you can also sell if you choose to go that route. The kind of NFT that you can purchase is unlimited since there’s a broad range of options for how to go about it.
It is possible to sell digital products, trading cards games, domain names, and even physical assets! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from other companies. There are no gas costs for using this feature when you make and then sell the NFTs. This means you’ll get the most profit when you start selling because you won’t need to spend on extra fees.
Very few NFT marketplaces offer this feature, so this is great for you to receive high profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer benefits by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t have this feature, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. While you’re not able to buy or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Management Miami
You can exchange the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of converting them into ETH that is the standard crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than other. Because it is based on an ETH blockchain, all wallets that share the same network are suitable for the site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency with credit cards. Nft Management Miami
To learn more about it You can go through their FAQs to see a rundown of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Management Miami
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using the platform to market NFTs due to its no gas fees and the low commission rate which you are required to pay.
You can shop and browse the vast array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception in the year 2018. Because its system is built on blockchain technology, it is safe to claim that your transactions are protected and secured.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned next 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 content to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared to other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as numerous others to cater for the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store and begin exploring the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app, 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/).