The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto-coins. Markets have popped up across the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to watch 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 Resevoir Size
The goal to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions without any extra costs. There are additional features which allow you to market your artwork without any difficulties.
In terms of registration, you won’t have to provide any personal information 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 many hassles when you enter into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for most processes. It is also based using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains, you can choose which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT and the people who want to buy it. All transactions will be made along with this blockchain, so you should 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 NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist you admire. Anyone can become a seller however it takes time before anyone can become a reputable one.
There is a wide variety in the collection of NFTs available at OpenSea and you can become a part of that! You can set up your own personal market there, and also find NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development 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 not exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible currency that is individual and cannot be changed. It could be an item of rarity like authentic baseball cards, or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible object that you sell on the internet. It is simpler to just think of the NFT as a digital collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling the shots on your own NFTs. You’re claiming the ownership of the particular item that you have uploaded to the marketplace, and selling it. Typically, this is official once you fill out all the necessary information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and simply create a collection! Fill out the proper and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain, payment tokens). Once that’s all done then you’re able to upload it, if it’s within the limit of 100MB.
You can watch and see the way transactions are handled from now on to see if OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
So, at this point you’re probably asking yourself which kind of NFT be found here and what you can sell should you decide to pursue that route. The type of NFT that you can purchase is indefinite because there’s a wide range of how you can approach it.
You could be selling trade cards, digital goods, game assets domain names, some physical items! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the other options. There’s no cost for gas when you utilize this feature when you create and market NFTs. This means you’ll get the most profit when you start selling because you don’t need to pay on extra fees.
Not many NFT marketplaces offer this feature, which is why this is a great way to receive high profit from your NFT collection.
Referral Program
The Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the purchase amount, which allows you to make more money through this action.
Other NFT marketplaces don’t have this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency on these platforms. Nft Resevoir Size
You can exchange your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and other things!
Each of them has the option to exchange for ETH which is the primary cryptocurrency payment option 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. Because it is based using an ETH blockchain, wallets that share the same network are suitable for the 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: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage and the ability to buy cryptocurrency using the credit card. Nft Resevoir Size
To learn more about it You can go through their FAQs for a rundown of how 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 every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
Pros
- Available as mobile apps that are compatible with iOS and 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 of only 10% for artists (low royalty rates).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- An Crypto wallet is required to use this marketplace.
Pricing
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Resevoir Size
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its low gas costs and the low commission rate that you have to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established in 2018. Since its system is built on a blockchain, it is safe to say that your transactions are safe and secure.
Additionally 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 users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is widely used on this site as well as other sites to provide the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As mentioned before there’s an official mobile app by OpenSea for both iOS as well as Android. Install it from their app store, and begin exploring the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and receive alerts on any updates that affect your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
