The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto-coins. Markets have popped up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and let’s see 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Odds
The purpose of OpenSea was to offer an online marketplace for artists to easily upload their commissions without any extra fees. It has more functions that allow you to sell your artwork without any difficulties.
For registration, you don’t need to provide any personal information about yourself. All you need 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.
OpenSea: Blockchain
The most well-known cryptocurrency used within 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 most processes. It also operates using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains it is possible to choose which one you would like to upload your NFT on as a seller. This is to ensure the security of your NFT, along with the people who want to buy it. All transactions will be made by using the blockchain, which is why you need to think about 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 in exchange for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist you admire. Anyone can become a seller however it takes a while for anyone to become an established seller.
There is a wide variety from the selection on OpenSea and you can also be a part of that! You can start your own market here, along with finding NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials have heard of it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible token which is extremely individual and cannot be changed. It could be an item of rarity like authentic baseball cards, or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible thing that you sell online. It is simpler to simply imagine as an NFT being a virtual item which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling the shots on your own NFTs. You’re claiming the ownership of the particular item you uploaded on the marketplace, and you’re selling it. Usually, this is recognized once you fill out the correct information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and simply making a collection to begin! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like for it (e.g. blockchain, payments tokens). After you’ve completed the process then you’re able to upload it, if it’s within the limit of 100MB.
You can wait and observe the way transactions are handled from now to see whether OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
So, at this point you’re probably thinking about what kind of NFTs be purchased here, and what you could also sell if you decide to pursue that route. The type of NFT it is indefinite as there’s a variety of how you can approach it.
You can be selling trade cards, digital goods, game assets, domain names, and some physical items! 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 other companies. There’s no cost for gas when you use this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t have to spend on additional fees.
Not many NFT marketplaces have this feature, which is why this is great for you to earn a high return from your NFT collection.
Referral Program
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, letting you make more money by this method.
Other NFT marketplaces do not have this feature, so that’s just another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell items as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Even though you can’t buy or sell something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can convert your fiat money into cryptocurrency using these platforms. Nft Odds
You can exchange your fiat currency using a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
All of these have the option of exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
Crypto Wallets
Although OpenSea is an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than other. Because it is based on an ETH blockchain, any wallets that share this network are appropriate for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage as well as the capability to buy cryptocurrency using a credit card. Nft Odds
For more information about the service You can go through their FAQs for the steps you can get started and which other wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
Pros
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
Cons
- Allows royalty rates of up to 10% for artists (low royalties).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed to use this marketplace.
Pricing
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Odds
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists using the platform to market NFTs due to its low gas costs and low commission fee rate you must pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can say that your transactions are protected and secured.
Furthermore, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will appear on your account or any collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are safe.
How can I earn royalties on OpenSea?
As an artist, you can get only 10% of the royalties once you upload 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 widely utilized on this website and many others to accommodate more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before, there is definitely an official mobile app by OpenSea available for both iOS and Android. Install it from their app store and begin exploring the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can 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/).
