The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Purchase
The aim to create OpenSea was to offer an online marketplace for artists to upload their commissions with no additional fees. It also has additional functions which allow you to market your artwork without any difficulties.
For the registration process, you don’t have to give too many details about yourself. 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 going through much hassle as you step into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It is also based with the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains available it is possible to choose which one you want to upload your NFT on as seller. This will ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can be a seller, but it takes time for anyone to be a reputable one.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea, and you can also be a part of the collection! You can start your own personal market there, and also find NFTs you’d like to buy for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it but not exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. A NFT is a token that is non-fungible that is very individual and cannot be changed. It can be an item of rareness, such as rare baseball trading cards in mint condition or rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you can sell online. In simpler terms, you could simply think of as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you posted to the marketplace, and selling it. Usually, this is recognized when you have filled in all the necessary information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and simply creating a collection to start! Complete the correct and accurate information about your NFT and then select what type of settings you want to use it with (e.g. blockchain or payment tokens). After you’ve completed the process then you’re able to upload it, if it’s within the limit of 100MB.
You can wait and observe the way transactions are handled from now on to see whether OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
At this point you’re probably thinking about what kind of NFTs be found here, and what you could sell should you decide to go down that path. The type of NFT it can be is indefinite as there’s a variety of options for how to approach it.
It is possible to sell trade cards, digital goods game assets, domain names, and even physical assets! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from other companies. There are zero gas fees when you utilize this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces have this feature, so this can be a fantastic way to receive high profit from your NFT collection.
Referral Program
This Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer benefits by referring your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to make more money from this act.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS and 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 at your disposal You can also trade your fiat currency for cryptocurrency on these platforms. Nft Purchase
You can convert your fiat currency using a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
All of them have the option of converting them into ETH, which is the standard crypto payment in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than other. Since it is built using an ETH blockchain, wallets which are part of this network are appropriate for this site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage and the ability to purchase cryptocurrency with credit cards. Nft Purchase
To know more about it You can go through their FAQs to get an overview of how you can start and what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
Pros
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
Cons
- Allows royalty rates of up to 10% for artists (low royalty).
- It is not possible to buy or sell items on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed for this marketplace.
Pricing
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Purchase
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform 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 low gas fees and low commission fee rate you must pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded in 2018. Since its system is built on a blockchain, it is safe to say that your transactions are protected and secured.
In addition as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear to your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is commonly used on this site as well as numerous others to cater for many more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can make use of to use OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As mentioned before there’s an official mobile app by OpenSea available for both iOS and Android. You can download it through their app store and begin exploring the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and 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/).
