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 purchase and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s see the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Rule Terminating Actions
The aim of OpenSea was to offer a platform/marketplace for artists to easily upload their commissions, without having to pay any additional costs. It also has additional functions that let you sell your artwork without any difficulties.
For the registration process, you don’t have to provide all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also functions on the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains, you can choose which one you would like to transfer your NFT to as seller. This will ensure the security of your NFT, along with those who wish to purchase it. All transactions are made using this 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 where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can become a seller however, it takes a while for anyone to be a reputable one.
There’s a huge selection from the selection on OpenSea and you could also be a part of that! You can create your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a token that is non-fungible that is individual and cannot be substituted. It could be a piece of rarity like authentic baseball cards or rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling online. More straightforwardly, you can simply consider the NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs on your own 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 when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and then making a collection to begin! Fill out the proper and complete information about your NFT and then select what type of settings you want for it (e.g., blockchain and payments tokens). After that then you’re able to upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now to see whether OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about which kind of NFT can you shop for here, and what you could sell should you decide to pursue that route. The kind of NFT that you can purchase is indefinite since there’s a broad range of how you can approach it.
It is possible to sell 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 feature is what separates OpenSea from the other options. There’s no cost for gas when you utilize this feature to create and market NFTs. This simply means that you’ll get the most profit when you start selling because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces have this feature, and it is great for you to make a huge profit from your NFT collection.
A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have this feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency on these platforms. Nft Rule Terminating Actions
You can convert the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option of converting them into ETH that is the primary cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly using an ETH blockchain, any wallets which are part of that network will be suitable for the site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency using credit cards. Nft Rule Terminating Actions
To know more about it, you can check their FAQs to see an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Rule Terminating Actions
What is OpenSea?
OpenSea can be described as 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 using it to sell NFTs because of its zero gas fees and low commission fee rate that you have to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established in the year 2018. Since its system is built on blockchain technology that is secure, you can say that your transactions are protected and secured.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed next to your account or any collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties from OpenSea?
As an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been widely used on this site as well as numerous others to cater for many more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through trusted platforms with 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 is definitely an official mobile application from OpenSea for both iOS or Android. Download it at their respective app store, and begin browsing through the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts and get alerts on any updates that affect 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/).