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 across the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s see the possibilities of 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 Pharmaceutical
The purpose for OpenSea was to offer an online marketplace for artists to easily upload their commissions with no additional charges. It also has additional functions that let you sell your artwork without any issues.
For registration, you won’t have to give too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also operates using the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains you can pick which one you want to publish your NFT as seller. This is to ensure the security of your NFT and those who wish to buy it. All transactions will be made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to official art from an artist that you admire. Anyone can be a seller however, it takes a while for anyone to be a reputable one.
There is a wide variety from the selection at OpenSea and you can become a part of this! You can start your own personal market there, and also find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the crypto market the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but not exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy can be an NFT. The NFT is a token that is non-fungible which is extremely individual and cannot be substituted. This can be an item of any rareness like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could just imagine as an NFT being a virtual item which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling the shots for your personal NFTs. You are calling ownership over that particular token/item you uploaded on the market place, but offering it for sale. Typically, this is official once you fill out all the necessary information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and creating a collection to start! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain and payment tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
It is possible to wait and see the way transactions are handled from here on out to see whether OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
In this moment, you’re probably wondering which kind of NFT can be purchased here and what you can sell should you decide to go that route. The kind of NFT that you can purchase is indefinite as there’s a variety of ways to do it.
You could be selling digital items, trading cards games domain names, even physical assets! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the others. There are zero gas fees for using this feature to create and market NFTs. This means you’ll get the most profit when you begin selling since you won’t need to spend on extra fees.
Very few NFT marketplaces offer this feature, so this is a great way to make a huge profit from your portfolio.
Referral Program
A Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to make more money through this action.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available on both iOS in addition to Android. Even though you can’t buy or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency on these platforms. Nft Pharmaceutical
You can swap your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and many more!
All of them have the option to exchange for ETH, which is the standard cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea is an NFT marketplace that is open to all forms of crypto, wallets are nonetheless more compatible than other. Since it is built on the ETH blockchain, wallets that share the same network are suitable for this site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage as well as the capability to buy cryptocurrency using the credit card. Nft Pharmaceutical
To learn more about it, you can check their FAQs to see a rundown of how you can start and which other wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
Pros
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
Cons
- Allows royalties of only 10% to artists (low royalty rates).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used to use this marketplace.
Pricing
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Pharmaceutical
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s a great option for artists who want to use the platform to market NFTs due to its no gas costs and low commission fees which you are required to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year 2018. Because its system is based on a blockchain that is secure, you can declare that transactions are secure and safe.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark will appear to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison to others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as many others to accommodate more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile app by OpenSea that is available for iOS and Android. Install it from their app store, and then you can begin browsing through the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications on updates regarding 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/).
