The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Meaning Glomerulus
The goal of OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra fees. It has more functions that allow you to sell your art without too many issues.
For the registration process, you don’t have to give any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It also operates using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains you can pick which one you want to upload your NFT on as an seller. This is to ensure the security of your NFT as well as those who wish to purchase it. All transactions are 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 where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to official art from an artist that you admire. Anyone can be a seller however it takes a while for anyone to become an established one.
There are a variety of NFTs from the selection at OpenSea and you could join in with that! You can start your own market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials have heard of it but not exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency which is extremely individual and cannot be changed. It can be a piece of rareness like rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you can sell online. More straightforwardly, you can just imagine an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming the owner of the item or token that you posted to market, as putting it up for sale. Typically, this is official when you have filled in the proper information regarding the NFT and finally add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and simply creating a collection to start! Complete the correct and correct information regarding your NFT and select the type of settings you want for it (e.g., blockchain and money transfer tokens). After that then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how the transactions go from now on to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about which kind of NFT can be found here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT it is unlimited since there’s a broad range of how you can go about it.
It is possible to sell trade cards, digital goods, game assets domain names, also physical goods! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There’s no cost for gas for using this feature to mint and sell NFTs. This means you’ll get the most profit when you sell because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to make a huge profit from your portfolio.
The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive benefits by referring your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which means you can make more money from this act.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell things, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency using these platforms. Nft Meaning Glomerulus
You can swap your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
All of these have the option to exchange for ETH, which is the standard cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly on the ETH blockchain, any wallets that share the same network are suitable for the site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to buy cryptocurrency using a credit card. Nft Meaning Glomerulus
To know more about it to learn more, check out their FAQs to get an overview of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps available for 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 world and NFTs.
- Allows royalties 10% for artists (low royalty).
- Cannot buy or sell through our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are selling, 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 are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Meaning Glomerulus
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use for selling NFTs due to its no gas costs and low commission fees that you have to pay.
You can shop and browse an array of digital items on the NFT marketplace and you must go through it!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in 2018. Since its system is built on a blockchain, it is safe to say that your transactions are secure and safe.
Additionally, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned to your account or collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as many others to accommodate many more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As mentioned before there’s an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store and begin browsing through the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and get 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/).