Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Nyan Cat
The purpose for OpenSea was to offer an online marketplace for artists to upload their commissions with no additional fees. It has more functions that allow you to sell your art without too many problems.
In terms of registration, you won’t have to provide 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 going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also operates with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains that are available, you can choose which one you would like to upload your NFT on as a seller. This will ensure the security of your NFT and those who would like to purchase it. All transactions will be made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to an official artwork by an artist you admire. Anyone can become a seller however, it takes some time for anyone to be a reputable one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you can also be a part of this! You can start your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t exactly sure what it means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. A NFT is a token that is non-fungible that is individual and cannot be substituted. It could be a piece of rarity like rare baseball trading cards in mint condition or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object that you sell on the internet. It is simpler to just consider as an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but offering it for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and then making a collection to begin! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like to use for it (e.g., blockchain or money transfer tokens). After that, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering which kind of NFT be purchased here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT it can be is indefinite because there’s a wide range of how you can approach it.
You could be selling trade cards, digital goods game assets, domain names, and also physical goods! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the others. There’s no cost for gas when you use this feature to create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your portfolio.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are benefits when you refer your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, letting you make more money from this act.
Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell items as you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency on these platforms. Nft Nyan Cat
You can swap your fiat money via credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of them have the option of converting them into ETH which is the primary cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than others. Since it is built mainly on the ETH blockchain, all wallets that share this network are appropriate for this site.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage as well as the capability to buy cryptocurrency using the credit card. Nft Nyan Cat
For more information about the service, you can check their FAQs to get the steps you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Nyan Cat
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online to receive cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs due to its low gas fees and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea real and secure?
Answer: Yes! OpenSea is a reputable marketplace since it was established in the year of 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are protected and secured.
In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed next to your account or any collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison to the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been frequently used on this site and many others to accommodate more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile app by OpenSea for both iOS or Android. You can download it through their app store and you can start exploring the collection now!
The desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications on updates regarding 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/).