The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see the NFTs that you can see!
Before you continue, you may want to watch 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 In Bootlegs
The purpose of OpenSea was to simply provide a platform/marketplace for artists to upload their commissions, without having to pay any additional charges. It has more functions that allow you to sell your art without too many problems.
When it comes to the registration process, you don’t have to give all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It is also based on 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 want to publish your NFT as seller. This is to ensure the security of your NFT and those who would like to buy it. All transactions will be made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist you admire. Anyone can sell however it takes some time for anyone to become an established one.
There is a wide variety from the selection of NFTs available at OpenSea and you can join in with the collection! You can create your own personal market on this site, as well as find NFTs you want to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it but not exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. The NFT is a token that is non-fungible that is very exclusive and cannot be substituted. It could be an item of rarity like authentic baseball cards or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can simply imagine as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling the shots to your NFTs. You’re claiming the ownership of the particular item that you have uploaded to the marketplace, and putting it up for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and then add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and create a collection! Complete the correct and accurate information about your NFT and then select what type of settings you’d like for it (e.g. blockchain or payment tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now to see if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
So, at this point you’re probably thinking about which kind of NFT you shop for here and what you can also sell if you choose to go down that path. The type of NFT it is indefinite since there’s a broad range of options for how to approach it.
You can be selling digital items, trading cards, game assets, domain names, and even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the other options. There are zero gas fees for using this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces offer this feature, and it is a great way to receive high profit from your NFT collection.
Referral Program
This Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer benefits by referring someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, letting you make more money through this action.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Meaning In Bootlegs
You can swap your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
All of these have the option of converting them into ETH that is the most common cryptocurrency payment option in OpenSea.
Crypto Wallets
Although OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly on the ETH blockchain, all wallets which are part of the same network are suitable for this site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage, and the function to purchase cryptocurrency with a credit card. Nft Meaning In Bootlegs
To know more about it, you can check their FAQs for the steps you can start and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
Pros
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
Cons
- Allows royalty rates of up to 10% for artists (low royalties).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed to use this marketplace.
Pricing
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Meaning In Bootlegs
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online to receive cryptocurrency as a method of payment. It’s an ideal platform for artists using the platform to market NFTs due to its low cost of gas and low commission fees you must pay.
You can shop and browse a vast collection of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year 2018. Because its system is built on blockchain technology and is secured, it is safe to claim 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 next to your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison to other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been widely used on this site as well as many others to accommodate more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can utilize to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As previously mentioned there’s an official mobile app from OpenSea available for both iOS and Android. You can download it through their app store, and then you can begin exploring the collection now!
The desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and 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/).
