Cryptocurrency is booming right now 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 via cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and discover what you can do with OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Projects 2021
The aim of OpenSea was to simply provide artists with a marketplace/platform to upload their commissions, without having to pay any additional fees. There are additional features that allow you to sell your artwork without any problems.
When it comes to registration, you won’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 on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for most processes. It also functions with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains, you can choose which one you’d like to upload your NFT on as seller. This ensures the safety of your NFT as well as the people who want to buy it. Every transaction will be conducted by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist you admire. Anyone can become a seller however it takes some time before anyone can become an established one.
There are a variety of NFTs of NFTs available at OpenSea and you can become a part of the collection! You can create your own personal market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible token that is individual and cannot be substituted. It can be an item of any rareness like mint-condition baseball trading cards or unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible item that you sell online. In simpler terms, you could simply think of an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You’re claiming the owner of the item or token that you posted to the market place, but you’re selling it. Usually, this becomes official when you have filled in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and simply making a collection to begin! Fill out the proper and complete information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain or money transfer tokens). After that then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how the transactions go from here on out to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself which kind of NFT be found here, and what you could sell should you decide to go that route. The kind of NFT it can be is indefinite since there’s a broad range of ways to go about it.
It is possible to sell trade cards, digital goods, game assets, domain names, and some physical items! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees when you use this feature to create and market NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t have to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, so this is great for you to receive high profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which allows you to earn more cash from this act.
Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS and Android. While you’re not able to buy or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also exchange your fiat money for cryptocurrency using these platforms. Nft Projects 2021
You can convert your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option to exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built mainly on the ETH blockchain, all wallets which are part of that network will be suitable for this website.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with the credit card. Nft Projects 2021
To learn more about it to learn more, check out their FAQs to get a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Projects 2021
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to market their work online to receive cryptocurrency as a form of payment. It’s a great platform for artists using the platform to market NFTs due to its no cost of gas and the low commission rate which you are required to pay.
You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea is a reputable marketplace since its inception at the end of the year 2018. Since its system is based on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark will appear to your account or any collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared with other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is widely utilized on this website and other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile application from OpenSea for both iOS as well as Android. You can download it through their app store and begin browsing through the collection right now!
The Desktop application that 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/).