Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto coins. Markets have popped up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and discover what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Party
The goal to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions with no additional charges. It also has additional functions that let you sell your artwork without any difficulties.
In terms of registration, you don’t need to provide all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains available you can pick which one you would like to publish your NFT as seller. This will ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist that you admire. Anyone can become a seller, but it takes time for anyone to become an established one.
There is a wide variety in the collection of NFTs available at OpenSea and you could become a part of that! You can set up your own marketplace there, and also find NFTs that you would like to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for 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 actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can buy can be an NFT. A NFT is a token that is non-fungible that is very individual and cannot be substituted. It can be an item of rareness, such as rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item you’re selling online. It is simpler to just think of as an NFT being a virtual collectible paid via cryptocurrency only.
Minting NFTs
Minting is like calling dibs to your NFTs. You are calling ownership over that particular token/item you uploaded on the marketplace, and putting it up for sale. Typically, this is official after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain and money transfer tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see how the transactions go from now on to see if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
In this moment you’re probably thinking about what kind of NFTs be purchased here, and what you could sell should you decide to pursue that route. The kind of NFT it can be is unlimited since there’s a broad range of ways to do it.
It is possible to sell digital products, trading cards games, domain names, and also physical goods! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the others. There are no gas costs for using this feature to mint and sell NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces have this feature, so this is a great way to make a huge profit from your collection.
Referral Program
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive benefits when you refer a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more money through this action.
Other NFT marketplaces do not have the same feature This is a further advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency using these platforms. Nft Party
You can convert your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
All of them have the option to exchange for ETH that is the primary crypto payment in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based using an ETH blockchain, wallets with a connection to that network will be suitable for the site.
Here’s a list various crypto wallets that which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency with a credit card. Nft Party
To learn more about it, you can check their FAQs to get a rundown of how you can start and also what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
Pros
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
Cons
- Allows royalty rates of up to 10% for artists (low royalties).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to use this marketplace.
Pricing
OpenSea is open to everyone who has crypto coins 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. But overall, you can quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Party
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its no gas fees and low commission fees which you are required to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legitimate and 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 based on a blockchain, it is safe to claim that your transactions are protected and secured.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark will be assigned next to your account or collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be widely utilized on this website and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use 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 trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before, there is definitely an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store, and you can start exploring the collection now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications about updates to 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/).
