Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto coins. Markets have popped up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s explore the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Meaning Character
The purpose of OpenSea was to provide a platform/marketplace for artists to upload their commissions without any extra costs. It has more functions that let you sell your work without having to deal with many difficulties.
In terms of registration, you don’t need to worry about giving all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for most processes. It also functions with the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains available, you can choose which one you would like to transfer your NFT to as a seller. This will ensure the security of your NFT and those who wish to buy it. All transactions will be made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to official art by an artist you admire. Anyone can be a seller, but it takes time for anyone to become an established one.
There is a wide variety of NFTs available on OpenSea and you can also be a part of that! You can start your own personal market on this site, as well as find NFTs you’d like to buy for yourself.
> > Click Here to Explore OpenSea < <
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 exactly sure what it is. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible token that is unique and can’t be substituted. This can be an item of rareness like authentic baseball cards or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. It is simpler to simply consider the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs to your NFTs. It is a way of claiming the ownership of the particular item that you posted to the marketplace, and you’re putting it up for sale. Usually, this becomes official after you fill in the correct information about the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and then create a collection! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain, money transfer tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
You can watch and see how the transactions go from now to determine whether OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
In this moment you’re probably thinking about which kind of NFT can you shop for here, and what you could also sell if you decide to go down that path. The kind of NFT it is indefinite since there’s a broad range of how you can do it.
You can be selling digital products, trading cards, game assets, domain names, and some physical items! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from the other options. There are no gas costs when you utilize 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 have to spend on extra fees.
There aren’t many NFT marketplaces have this feature, so this can be a fantastic way to earn a high return from your collection.
Referral Program
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are advantages when you refer someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you earn more money through this action.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS in addition to 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 available to you, and you can convert your fiat money into cryptocurrency through these platforms. Nft Meaning Character
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
Each of them has the option of converting them into ETH, which is the standard crypto payment in OpenSea.
Crypto Wallets
While OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly on the ETH blockchain, any wallets that share this network are appropriate for this website.
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: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency with the credit card. Nft Meaning Character
For more information about the service, you can check their FAQs to get an overview of how you can start 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 comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
Pros
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
Cons
- Allows royalties 10% to artists (low royalty rates).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto wallet is required to access this marketplace.
Pricing
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Meaning Character
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using for selling NFTs due to its no gas costs and low commission fee rate that you have to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace and you must go through it!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year of 2018. Because its system is based on a blockchain that is secure, you can claim that your transactions are protected and secured.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned on your account or any collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison against the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before there’s an official mobile application from OpenSea for both iOS and Android. You can download it through their app store, and you can start exploring the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
