The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s explore what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft New York
The purpose to create OpenSea was to provide a platform/marketplace for artists to easily upload their commissions without any extra costs. It also has additional functions that allow you to sell your artwork without any issues.
When it comes to registration, you won’t have to provide too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It also operates on the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains available, you can choose which one you’d like to upload your NFT on as a seller. This will ensure the security of your NFT as well as those who wish to buy it. Every transaction will be conducted using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist you admire. Anyone can sell however it takes time before anyone can become an established one.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea, and you can join in with that! You can set up your own marketplace here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto 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 means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy includes an NFT. A NFT is a token that is non-fungible that is very exclusive and cannot be changed. It could be a piece of rareness like authentic baseball cards or a rare vinyl record.
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 simply imagine an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the market place, but you’re selling it. Usually, this becomes official after you fill in all the necessary information about the NFT and submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then create a collection! Complete the correct and correct information regarding your NFT and select the type of settings you want for it (e.g. blockchain, payment tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how the transactions go from here on out to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about what kind of NFTs can be found here, and what you could sell should you decide to go that route. The kind of NFT that you can purchase isn’t limited since there’s a broad range of ways to approach it.
You can be selling digital products, trading cards, game assets, domain names, and also physical goods! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the other options. There are no gas costs when you use this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces have this feature, and it is great for you to make a huge profit from your portfolio.
The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer rewards by referring someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to make more money from this act.
Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for both 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
Numerous cryptocurrency exchange platforms are available for you to use, and you can convert your fiat money into cryptocurrency on these platforms. Nft New York
You can exchange your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
All of these have the option of converting them into ETH that is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are still more compatible with it than other. Because it is based around the ETH blockchain, all wallets that share that network will be suitable for this site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with the credit card. Nft New York
For more information about the service to learn more, check out their FAQs to see a rundown of how you can get started and what other crypto 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. You can view its pros and pros here:
- Available as mobile apps that are compatible with iOS or 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 market and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- It is not possible to buy or sell items on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft New York
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use it to sell 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 and you must go through it!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception in 2018. Since its system is based on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed on your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared to others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as many others to accommodate many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before There is an official mobile app by OpenSea that is available for iOS and Android. Install it from their app store, and then you can begin exploring the collection now!
A desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts and get 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/).