Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s explore what you can do with OpenSea as well as examining 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Mutual Funds American Funds
The aim of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions with no additional fees. There are additional features that let you sell your artwork without any problems.
When it comes to registration, you won’t have to give too many details about yourself. All you have to 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.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains available it is possible to choose which one you would like to publish your NFT as an seller. This will ensure the security of your NFT and the people who want to buy it. Every transaction will be conducted along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is 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 the simplest domain name to an official artwork from an artist 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 on OpenSea and you can also be a part of the collection! You can start your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible token that is very exclusive and cannot be replaced. This can be an item of any rareness, such as rare baseball trading cards in mint condition or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can just think of as an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as you’re offering it for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and making a collection to begin! Complete the correct and accurate information about your NFT and then select what type of settings you want to use it with (e.g. blockchain and money transfer tokens). After that you are able to upload it if it fits the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to determine if OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about the kind of NFTs can be purchased here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT it can be isn’t limited as there’s a variety of ways to go about it.
You could be selling digital items, trading cards game assets domain names, some physical items! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from other companies. There’s no cost for gas for using this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on any additional charges.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic 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 advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available on both iOS in addition to Android. Even though you can’t buy or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency using these platforms. Nft Mutual Funds American Funds
You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option to exchange for ETH that is the primary crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than other. Since it is built on an ETH blockchain, any wallets which are part of that network will be suitable for the site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage and the ability to buy cryptocurrency using credit cards. Nft Mutual Funds American Funds
For more information about the service, you can check their FAQs to get an overview of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Mutual Funds American Funds
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online to receive cryptocurrency as a form of payment. It’s a great platform for artists using it to sell NFTs due to its no cost of gas and low commission fee rate you must pay.
You can browse and shop for the vast array of digital items on the NFT marketplace and you must go through it!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year of 2018. Since the system it operates on is built on a blockchain that is secure, you can claim that your transactions are secure and safe.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed on your account or collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is considered to be a reasonable amount compared with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been frequently used on this site and numerous others to cater for more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile application from OpenSea available for both iOS as well as Android. You can download it through their app store, and begin exploring the collection now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, 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/).