Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto currency. Markets have popped up all over the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with 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’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft New Orleans
The goal to create OpenSea was to provide a platform/marketplace for artists to upload commissions with no additional charges. It has more functions which allow you to market your art without too many difficulties.
When it comes to registration, you won’t have to worry about giving all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It is also based using the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as seller. This will ensure the security of your NFT as well as those who would like to buy it. Every transaction will be conducted using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to official art by an artist you admire. Anyone can be a seller however, it takes some time for anyone to be an established one.
There is a wide variety in the collection at OpenSea, and you can join in with the collection! You can start your own personal market there, and also find NFTs you want to purchase yourself.
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 so long on the internet that many millennials are familiar with it , but not exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can buy can be an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be replaced. This can be an item of rareness like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing you’re selling online. In simpler terms, you could simply consider as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling the owner of the item or token that you posted to the market place, but offering it for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and simply create a collection! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain or payment tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from now on to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself what kind of NFTs can you shop for here and what you can sell should you decide to go that route. The kind of NFT it is unlimited since there’s a broad range of options for how to go about it.
You could be selling digital products, trading cards game assets domain names, even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There are zero gas fees when you use this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t need to spend on extra fees.
Very few NFT marketplaces have this feature, which is why this can be a fantastic way to receive high profit from your collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets that offer advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS and Android. Although you aren’t able to purchase or sell things, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency through these platforms. Nft New Orleans
You can convert the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
All of them have the option of exchange for ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than other. Since it is built around an ETH blockchain, wallets with a connection to that network will be suitable for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only, and the function to buy cryptocurrency using credit cards. Nft New Orleans
For more information about the service You can go through their FAQs to see the steps you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties 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 account is needed to access this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft New Orleans
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online and receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use the platform to market NFTs because of its zero cost of gas and low commission fee rate you must pay.
You can shop and browse the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded in the year 2018. Since its system is based on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned next to your account or collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How can I earn royalties from OpenSea?
As an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared with other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is widely used on this site as well as many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As mentioned before There is an official mobile app by OpenSea available for both iOS as well as Android. Download it at their respective app store and then you can begin exploring the collection now!
The version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).