The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto currency. Markets have popped up all over the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and discover 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Philippines
The purpose to create OpenSea was to provide a platform/marketplace for artists to upload commissions, without having to pay any additional costs. There are additional features that let you sell your artwork without any problems.
In terms of registration, you won’t have 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 can be as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also functions using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains that are available you can pick which one you’d like to publish your NFT as seller. This will ensure the security of your NFT, along with those who would like to buy it. All transactions are 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 where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist you admire. Anyone can be a seller however, it takes time for anyone to be a reputable one.
There are a variety of NFTs in the collection on OpenSea and you could also be a part of the collection! You can start your own market here, along with finding NFTs you want to purchase 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 so long on the internet that many millennials are familiar with it , but aren’t exactly sure what it means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible currency which is extremely unique and can’t be changed. It could be an item of rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you sell on the internet. In simpler terms, you could just think of an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You’re claiming ownership over that particular token/item you uploaded on the market place, but you’re offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and then create a collection! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain and payments tokens). Once that’s all done then you’re able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled from now on to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
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 it isn’t limited because there’s a wide range of how you can approach it.
It is possible to sell trade cards, digital goods game assets domain names, even physical assets! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from other companies. There’s no cost for gas for using this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you sell because you won’t have to spend on additional fees.
Not many NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your collection.
The Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces that offer benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more cash by this method.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. While you’re not able to buy or sell things, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency through these platforms. Nft Philippines
You can swap the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
All of these have the option to exchange for ETH that is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than other. Since it is built on the ETH blockchain, wallets which are part of this network are appropriate for this site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to buy cryptocurrency using a credit card. Nft Philippines
To learn more about it to learn more, check out their FAQs to get an overview of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty).
- It is not possible to buy or sell items on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Philippines
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to sell their works online to receive cryptocurrency as a form of payment. It’s a great option for artists who want to use the platform to market NFTs due to its low cost of gas and low commission fee rate which you are required to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established in 2018. Since its system is built on a blockchain that is secure, you can declare that transactions are safe and secure.
Furthermore as a seller you’ll be verified when you have built up your credibility. A blue checkmark will appear next to your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared against the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is frequently used on this site as well as numerous others to cater for the increasing number of crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile app by OpenSea for both iOS or Android. Install it from their app store, and you can start browsing through the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and get notifications on updates regarding 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/).