Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for 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 available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Qr
The aim to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions without any extra fees. It also has additional functions which allow you to market your artwork without any difficulties.
In terms of registration, you don’t need to worry about giving all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for the majority of transactions. It also operates on the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains available you can pick which one you want to upload your NFT on as seller. This is to ensure the security of your NFT and those who would like to buy it. Every transaction will be conducted using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes some time for anyone to be an established one.
There are a variety of NFTs in the collection at OpenSea and you can join in with that! You can create your own marketplace here, along with finding NFTs you want to purchase for 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 for so long on the internet that the majority of young people have heard of it but aren’t 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 latest ways you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible currency which is extremely exclusive and cannot be changed. It could be an item of any rareness, such as mint-condition baseball trading cards or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could simply consider as an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling the owner of the item or token you uploaded on market, as offering it for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and simply create a collection! Fill out the proper and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g. blockchain and payments 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 transactions progress from now to see if OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself which kind of NFT be found here and what you can sell should you decide to go down that path. The kind of NFT it can be is indefinite because there’s a wide range of options for how to go about it.
You could be selling digital products, trading cards games domain names, also physical goods! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the other options. There are no gas costs when you use this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, so this is a great way to earn a high return from your NFT collection.
The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are advantages when you refer someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, which means you can earn more money from this act.
Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
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 things, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency using these platforms. Nft Qr
You can exchange the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option of exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly using the ETH blockchain, all wallets which are part of this network are appropriate for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency with a credit card. Nft Qr
To know more about it to learn more, check out their FAQs to see the steps you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all 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:
- Mobile apps are available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- A Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are a seller, 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 actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Qr
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online and receive cryptocurrency as their form of payment. It’s a great option for artists who want to use for selling NFTs due to its no gas costs and low commission fee rate you must pay.
You can browse and shop for an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded in the year of 2018. Because its system is built on blockchain technology and is secured, it is safe to declare that transactions are secure and safe.
Furthermore, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned to your account or any collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties from OpenSea?
As an artist, you can be paid only 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and many others to accommodate more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before There is an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store and you can start exploring the collection now!
The desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive 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/).