The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and discover what you can do with OpenSea and also see the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft On Android
The goal for OpenSea was to provide artists with a marketplace/platform to upload commissions without any extra fees. There are additional features that let you sell your art without too many issues.
In terms of the registration process, you don’t have to worry about giving all of your personal details. All you need to 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 popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It is also based on 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 a seller. This is to ensure the security of your NFT and those who would like to buy it. Every transaction will be conducted along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist you admire. Anyone can sell, but it takes a while for anyone to be an established one.
There is a wide variety from the selection of NFTs available at OpenSea, and you can also be a part of this! You can create your own market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t sure exactly what it is. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is unique and can’t be substituted. This can be a piece of rareness like authentic baseball cards or rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can 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 to your NFTs. You are calling the owner of the item or token you uploaded on market, as you’re offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and finally add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and simply creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain, payments 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 how transactions progress from now to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering which kind of NFT can be purchased here and what you can also sell if you choose to go that route. The kind of NFT that you can purchase isn’t limited because there’s a wide range of how you can approach it.
You can be selling digital items, trading cards, game assets domain names, also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from the other options. There are no gas costs when you use this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t need to spend on any additional charges.
Not many NFT marketplaces offer this feature, so this is a great way to receive high profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces that offer rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can earn more money by this method.
Other NFT marketplaces don’t offer the same feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. Nft On Android
You can exchange your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
Each of them has the option to exchange for ETH, which is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than others. Because it is based on an ETH blockchain, any wallets that share the same network are suitable for this site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency using credit cards. Nft On Android
To know more about it to learn more, check out their FAQs to see an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft On Android
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists using the platform to market NFTs due to its no gas fees and low commission fee rate which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in 2018. Since the system it operates on is built on a blockchain that is secure, you can claim that your transactions are safe and secure.
Furthermore as a seller you can become verified once you’ve earned a reputation. A blue checkmark is placed to your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as other sites to provide many more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS and Android. You can download it through their app store and then you can begin exploring the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and receive alerts on any updates that affect your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).