The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Reactive
The aim to create OpenSea was to provide artists with a marketplace/platform to upload commissions, without having to pay any additional costs. It has more functions that let you sell your artwork without any difficulties.
In terms of the registration process, you don’t have to worry about giving all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also functions using the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains available it is possible to choose which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT as well as those who wish to buy it. Every transaction will be conducted by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist that you admire. Anyone can sell however, it takes a while for anyone to become an established seller.
There is a wide variety in the collection at OpenSea and you can also be a part of the collection! You can create your own market on this site, as well as find NFTs that you would like to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the crypto market the term “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency that is very individual and cannot be changed. This can be an item of any rareness, such as authentic baseball cards, or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible item you’re selling on the internet. It is simpler to just think of an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting NFTs
Minting is like calling the shots for your personal NFTs. It is a way of claiming the owner of the item or token you uploaded on the market place, but offering it for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and making a collection to begin! Input the appropriate and accurate information about your NFT and choose what kind of settings you want for it (e.g., blockchain, money transfer tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from here on out to see whether OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
In this moment, you’re probably wondering what kind of NFTs can you shop for here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT it isn’t limited as there’s a variety of how you can approach it.
You can be selling digital items, trading cards game assets, domain names, and also physical goods! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from other companies. There are no gas costs when you use this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t have to spend on extra fees.
Not many NFT marketplaces provide this feature, which is why this can be a fantastic way to earn a high return from your NFT collection.
Referral Program
This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are benefits when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, letting you earn more money through this action.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can convert your fiat money into cryptocurrency on these platforms. Nft Reactive
You can swap the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
Each of them has the option of exchange for ETH that is the primary crypto payment in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built on an ETH blockchain, wallets that share the same network are suitable for this site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage, and the function to buy cryptocurrency using credit cards. Nft Reactive
To know more about it, you can check their FAQs for a rundown of how you can begin and which other wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
Pros
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
Cons
- Allows royalty rates of 10% for artists (low royalty).
- Cannot buy or sell through our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- A Crypto wallet is required for this marketplace.
Pricing
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Reactive
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online, and to accept cryptocurrency as a method of payment. It’s a great option for artists who want to use it to sell NFTs due to its no gas costs and low commission fees which you are required to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea real and safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year of 2018. Since the system it operates on is built on a blockchain, it is safe to declare that transactions are protected and secured.
Furthermore as a seller you’ll be verified when you have built up your credibility. A blue checkmark is placed to your account or collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is thought to be a reasonable amount compared to others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as other sites to provide the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile app by OpenSea available for both iOS as well as Android. Download it at their respective app store and begin browsing through 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 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/).
