The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Meaningy
The goal of OpenSea was to simply provide artists with a marketplace/platform to upload commissions without any extra fees. It has more functions which allow you to market your artwork without any issues.
When it comes to registration, you don’t need to give all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account on 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). This market is built upon the Ethereum blockchain system, and this is used to carry out the majority of processes. It also functions using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains available you can pick which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT, along with those who wish to buy it. Every transaction will be conducted along with this blockchain, and you must think about where you should 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 for other NFTs. It is possible to purchase anything just a domain name to official art by an artist you admire. Anyone can be a seller, but it takes a while for anyone to be an established one.
There is a wide variety of NFTs available on OpenSea and you could also be a part of that! You can set up your own market there, and also find NFTs that you would like to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement 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 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 new things you can buy is an NFT. A NFT is a non-fungible currency that is individual and cannot be substituted. It can be an item of rarity like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you sell online. In simpler terms, you could simply imagine the NFT to be a type of digital item paid via cryptocurrency only.
Minting NFTs
Minting is like calling dibs for your personal NFTs. You are calling the ownership of the particular item you uploaded on the marketplace, and you’re offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and simply creating a collection to start! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain or money transfer tokens). After you’ve completed the process then you’re able to upload it, if it’s within the limit of 100MB.
You can watch and see how transactions progress from now to determine whether OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
In this moment you’re probably asking yourself what kind of NFTs be found here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT it is indefinite because there’s a wide range of ways to approach it.
You can be selling trade cards, digital goods games domain names, also physical goods! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from the others. There’s no cost for gas when you use this feature when you mint and sell NFTs. This means you’ll receive the maximum profits when you sell because you won’t need to spend on any additional charges.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your collection.
Referral Program
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are benefits by referring your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more cash through this action.
Other NFT marketplaces do not have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use to trade your fiat currency for cryptocurrency through these platforms. Nft Meaningy
You can exchange your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
All of these have the option of exchange for ETH which is the primary cryptocurrency used in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based around the ETH blockchain, any wallets that share this network are appropriate for the site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency with the credit card. Nft Meaningy
To learn more about it to learn more, check out their FAQs to see the steps you can start and which other wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
Pros
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
Cons
- Allows royalty rates of 10% to artists (low royalty).
- It is not possible to buy or sell items via this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto account is needed to use this marketplace.
Pricing
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Meaningy
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its no gas fees and low commission fee rate which you are required to pay.
You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established in the year of 2018. Because its system is built on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will appear on your account or any collection you uploaded to reassure any customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can be paid only 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS as well as Android. Install it from their app store and begin exploring the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
