Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and let’s see the possibilities of OpenSea and also see what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft On Binance Smart Chain
The aim for OpenSea was to provide a platform/marketplace for artists to easily upload their commissions without any extra costs. There are additional features that let you sell your art without too many issues.
When it comes to the registration process, you don’t have to worry about giving any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used to carry out the majority of processes. It is also based using the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains available you can pick which one you would like to publish your NFT as seller. This is to ensure the security of your NFT as well as the people who want 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 is like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes time before anyone can become a reputable one.
There’s a huge selection of NFTs available at OpenSea and you could become a part of the collection! You can set up 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 market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but not exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy includes an NFT. A NFT is a non-fungible currency that is exclusive and cannot be changed. It can be an item of rareness, such as mint-condition baseball trading cards or unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible item you’re selling on the internet. More straightforwardly, you can simply imagine an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming the owner of the item or token that you have uploaded to market, as selling it. Typically, this is official once you fill out the proper information regarding the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and then creating a collection to start! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain or money transfer tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from now to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself what kind of NFTs can be purchased here and what kind of NFTs you can sell should you decide to go that route. The type of NFT that you can purchase is indefinite as there’s a variety of options for how to do it.
You could be selling digital products, trading cards games, domain names, and also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from the other options. There are zero gas fees when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t need to spend on additional fees.
There aren’t many NFT marketplaces have this feature, and it is great for you to earn a high return from your collection.
The Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, which means you can earn more money through this action.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency using these platforms. Nft On Binance Smart Chain
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option to exchange for ETH that is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based using an ETH blockchain, any wallets with a connection to that network will be suitable for the site.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency using credit cards. Nft On Binance Smart Chain
To learn more about it, you can check their FAQs to see a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are 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 recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft On Binance Smart Chain
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs because of its zero gas fees and the low commission rate you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a trusted marketplace since its inception in 2018. Since the system it operates on is based on a blockchain that is secure, you can say that your transactions are protected and secured.
Additionally as a seller you’ll be verified when you have built up your credibility. A blue checkmark will appear 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 on OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared to other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As mentioned before There is an official mobile app by OpenSea that is available for iOS or Android. Install it from their app store, and you can start exploring the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications about updates to 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/).