Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s explore the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Neopets
The purpose of OpenSea was to offer a platform/marketplace for artists to upload their commissions without any extra costs. There are additional features that allow you to sell your artwork without any problems.
In terms of registration, you don’t need to worry about giving all of your personal details. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It also operates using the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains, you can choose which one you’d like to publish your NFT as seller. This will ensure the security of your NFT, along with those who wish to purchase it. All transactions will be made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can become a seller, but it takes some time for anyone to become an established one.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you could also be a part of that! You can create your own personal market on this site, as well as find NFTs you’d like to buy 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 have heard of it but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be changed. This can be an item of any rareness, such as mint-condition baseball trading cards or rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object that you can sell online. In simpler terms, you could simply think of as an NFT as a digital item that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling the shots for your personal NFTs. You are calling ownership over that particular token/item that you posted to the market place, but you’re putting it up for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and finally submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and making a collection to begin! Fill out the proper and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g., blockchain and payment tokens). After that, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from here on out to determine whether OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
At this point you’re probably thinking about which kind of NFT can be purchased here and what kind of NFTs you can also sell if you choose to go that route. The kind of NFT it is unlimited since there’s a broad range of how you can go about it.
It is possible to sell digital items, trading cards, game assets, domain names, and even physical assets! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from other companies. There are zero gas fees when you utilize this feature to create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, and it is a great way to earn a high return from your portfolio.
Referral Program
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can make more money from this act.
Other NFT marketplaces don’t offer this kind of feature either and that’s another advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps of OpenSea are available on both iOS as well as Android. Even though you can’t buy or sell anything, you can still explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use You can also exchange your fiat money for cryptocurrency on these platforms. Nft Neopets
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
All of them have the option to exchange for ETH, which is the most common crypto payment in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Because it is based on an ETH blockchain, all wallets with a connection to the same network are suitable for this site.
Here’s a list of several crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage, and the function to buy cryptocurrency using a credit card. Nft Neopets
For more information about the service You can go through their FAQs to get a rundown of how you can start and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
Pros
- Mobile apps available 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 market and NFTs.
Cons
- Allows royalties of only 10% for artists (low royalties).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- An Crypto wallet is required for this marketplace.
Pricing
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re 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 easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Neopets
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform 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 because of its zero cost of gas and the low commission rate that you have 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 legitimate and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Because its system is built on a blockchain that is secure, you can say that your transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark is placed to your account or collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you’ll receive only up to 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared against the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been widely utilized on this website and many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before there’s 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!
A Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
