The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto coins. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with OpenSea and also see the NFTs that you can see!
Before you continue, 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 of OpenSea.
OpenSea as an NFT Marketplace Nft Proof Of Medicaln Eed Form
The purpose to create OpenSea was to simply provide artists with a marketplace/platform to upload commissions without any extra charges. It has more functions that allow you to sell your work without having to deal with many problems.
For registration, you won’t have to worry about giving too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for most processes. It also operates on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains available you can pick which one you would like to publish your NFT as a seller. This is to ensure the security of your NFT, along with those who wish to buy it. Every transaction will be conducted by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name, to a piece of art by an artist you admire. Anyone can sell however, it takes some time before anyone can become an established seller.
There are a variety of NFTs of NFTs available on OpenSea, and you can join in with that! You can create your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but not exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy is an NFT. A NFT is a token that is non-fungible that is very individual and cannot be changed. This can be an item of rareness like authentic baseball cards, or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. More straightforwardly, you can just imagine as an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You are calling the owner of the item or token that you have uploaded to market, as offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and creating a collection to start! Complete the correct and complete information about your NFT and then select what type of settings you want to use it with (e.g., blockchain, money transfer tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from here on out to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself the kind of NFTs can be purchased here, and what you could also sell if you decide to pursue that route. The type of NFT that you can purchase is indefinite as there’s a variety of ways to do it.
You could be selling trade cards, digital goods, game assets domain names, also physical goods! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. There are no gas costs when you use this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you sell because you don’t need to pay on extra fees.
There aren’t many NFT marketplaces offer this feature, so this is a great way to earn a high return from your portfolio.
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to make more money by this method.
Other NFT marketplaces do not have the same feature This is a further benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell anything as you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you to trade your fiat currency for cryptocurrency on these platforms. Nft Proof Of Medicaln Eed Form
You can swap the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option to exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than others. Since it is built mainly using an ETH blockchain, wallets which are part of this network are appropriate for this website.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency with credit cards. Nft Proof Of Medicaln Eed Form
To learn more about it to learn more, check out their FAQs for an overview of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps are available 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 of only 10% to artists (low royalties).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. 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 Proof Of Medicaln Eed Form
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists who use it to sell NFTs due to its no cost of gas and low commission fees you must pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year 2018. Since its system is based on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed on your account or the collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared with the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and other sites to provide the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile app from OpenSea for both iOS as well as Android. You can download it through their app store, and you can start exploring the collection now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).