The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up all over the web that allow users to sell and buy NFTs using 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 has become one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and let’s explore what you can do with OpenSea and also see what NFTs you can view!
Before you go on, 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 Metadata
The purpose for OpenSea was to provide artists with a marketplace/platform to upload commissions with no additional fees. It also has additional functions that allow you to sell your work without having to deal with many problems.
In terms of the registration process, you don’t have to provide all of your personal details. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used to carry out the majority of processes. It is also based on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains available you can pick which one you want to transfer your NFT to as an seller. This is to ensure the security of your NFT, along with those who wish to buy it. All transactions will be made by using the blockchain, so you should consider where to 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 buy anything as simple as a domain name to official art from an artist that you admire. Anyone can sell however it takes some time for anyone to become an established seller.
There’s a huge selection in the collection on OpenSea and you can join in with the collection! You can create your own marketplace there, and also find NFTs that you would like to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible token that is exclusive and cannot be changed. It could be an item of any rareness like mint-condition baseball trading cards, or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible object that you can sell on the internet. In simpler terms, you could just imagine as an NFT as a digital collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling dibs on your own NFTs. You’re claiming the ownership of the particular item that you posted to the marketplace, and you’re putting it up for sale. Typically, this is 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 mint your NFTs. All you have to do is visit the store and create a collection! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain and money transfer tokens). After that you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe how the transactions go from now on to see whether 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 kind of NFTs you can sell should you decide to go down that path. The type of NFT that you can purchase is indefinite because there’s a wide range of how you can do it.
It is possible to sell digital products, trading cards game assets domain names, even physical assets! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the other options. There are zero gas fees when you use this feature to make and then sell the NFTs. This means you’ll get the most profit when you sell because you don’t need to pay on additional fees.
Very few NFT marketplaces offer this feature, and it is great for you to make a huge profit from your portfolio.
Referral Program
A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you earn more cash from this act.
Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also exchange your fiat money for cryptocurrency on these platforms. Nft Metadata
You can swap the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
Each of them has the option to exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.
Crypto Wallets
Although OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, the wallets still more compatible with it than others. Since it is built mainly around the ETH blockchain, all wallets with a connection to the same network are suitable for the site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. Nft Metadata
To learn more about it to learn more, check out their FAQs to get an overview of how you can start and also what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t an exception to 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.
- The best option for beginners to the crypto world and NFTs.
Cons
- Allows royalties of only 10% for artists (low royalty).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to access this marketplace.
Pricing
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Metadata
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use for selling NFTs due to its no cost of gas and the low commission rate which you are required to pay.
You can shop and browse the vast array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in 2018. Since its system is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties on OpenSea?
As an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared against others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is widely used on this site and many others to accommodate many more cryptocurrency users. Here are the other cryptocurrencies 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 only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier There is an official mobile app from OpenSea available for both iOS as well as Android. Install it from their app store and you can start browsing through the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can 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/).
