The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Protocol
The aim of OpenSea was to offer artists with a marketplace/platform to upload commissions without any extra charges. There are additional features which allow you to market your art without too many problems.
In terms of registration, you won’t have to give all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It also operates with the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you’d like to upload your NFT on as a seller. This is to ensure the security of your NFT, along with those who would like to purchase it. All transactions are made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can be a seller however it takes some time for anyone to be a reputable one.
There are a variety of NFTs in the collection on OpenSea, and you can also be a part of the collection! You can start your own market here, along with finding NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t sure exactly what it means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible currency which is extremely exclusive and cannot be substituted. It could be an item of rareness like rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you sell on the internet. More straightforwardly, you can just think of an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs to your NFTs. You’re claiming ownership over that particular token/item that you have uploaded to market, as offering it for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and then submit it for sale on.
On OpenSea It’s a very simple 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 to use it with (e.g. blockchain and payment tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from now on to determine whether OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
So, at this point you’re probably asking yourself what kind of NFTs be purchased here, and what you could also sell if you choose to go that route. The type of NFT it can be isn’t limited since there’s a broad range of ways to do it.
You can be selling digital products, trading cards games domain names, also physical goods! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from the other options. There’s no cost for gas for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because 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 collection.
Referral Program
The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available for both iOS and Android. Even though you can’t buy or sell things, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency through these platforms. Nft Protocol
You can convert the fiat currency you have with a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
All of them have the option of exchange for ETH which is the standard cryptocurrency used in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than others. Since it is built mainly using an ETH blockchain, all wallets with a connection to this network are appropriate for the site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage, and the function to purchase cryptocurrency using credit cards. Nft Protocol
To learn more about it You can go through their FAQs for the steps you can start and also what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
Pros
- Mobile apps available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
Cons
- Allows royalties up to 10% for artists (low royalties).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to use this marketplace.
Pricing
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Protocol
What is OpenSea?
OpenSea is 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 an excellent platform for artists who use for selling NFTs due to its low gas costs and low commission fees which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year of 2018. Because its system is built on a blockchain, it is safe to claim that your transactions are secure and safe.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed on your account or any collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared to other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be commonly used on this site and numerous others to cater for many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before There is an official mobile app by OpenSea available for both iOS or Android. Download it at their respective app store and you can start exploring the collection now!
A desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
