The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto currency. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and discover the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, 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 Mexico City
The aim to create OpenSea was to simply provide artists with a marketplace/platform to upload their commissions, without having to pay any additional charges. It has more functions that let you sell your art without too many issues.
For registration, you won’t have to worry about giving too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency used 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 also operates with the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains that are available, you can choose which one you would like to publish your NFT as seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions are made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist that you admire. Anyone can be a seller however, it takes time for anyone to be an established seller.
There are a variety of NFTs from the selection at OpenSea, and you can join in with the collection! You can create your own market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for 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 sure exactly what it means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy includes an NFT. An NFT is a non-fungible token that is very exclusive and cannot be replaced. This can be a piece of rareness like mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible thing that you sell online. More straightforwardly, you can just imagine as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and selling it. Usually, this becomes official after you fill in the correct information about the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then making a collection to begin! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like for it (e.g., blockchain, payments tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how the transactions go from now to determine if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about which kind of NFT can be purchased here and what you can also sell if you decide to pursue that route. The kind of NFT it can be is unlimited as there’s a variety of ways to approach it.
You could be selling digital products, trading cards games domain names, some physical items! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the other options. There are zero gas fees when you use this feature to mint and sell NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, so this is a great way to earn a high return from your NFT collection.
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, letting you make more money by this method.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available on both iOS and Android. While you’re not able to buy or sell anything, you can still at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. Nft Mexico City
You can swap your fiat money via the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of exchange for ETH which is the most common cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built mainly around an ETH blockchain, all wallets that share that network will be suitable for the site.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage and the ability to buy cryptocurrency using the credit card. Nft Mexico City
To learn more about it You can go through their FAQs to get a rundown of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalties).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Mexico City
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online to receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use for selling NFTs due to its no gas fees and low commission fee rate which you are required to pay.
You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year 2018. Since the system it operates on is based on a blockchain that is secure, you can declare that transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark is placed on your account or any collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you will get only 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison to others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier There is an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store, and then you can begin exploring the collection right now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts as well as 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/).