The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth a look.
If you’re interested in crypto you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s see the possibilities of OpenSea and also see the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Solid Channel
The purpose of OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional fees. It has more functions that let you sell your work without having to deal with many difficulties.
In terms of registration, you don’t need to give all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also operates using the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains that are available it is possible to choose which one you want to transfer your NFT to as an seller. This will ensure the security of your NFT and those who wish to purchase it. All transactions are made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes some time for anyone to become an established seller.
There’s a huge selection of NFTs available of NFTs available at OpenSea, and you can become a part of this! You can create your own marketplace 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?
A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t exactly sure what it means. Let’s take a look at what 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 includes an NFT. A NFT is a non-fungible currency that is exclusive and cannot be changed. It can be an item of rareness like authentic baseball cards or rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you sell online. It is simpler to just consider an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs on your own NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as you’re putting it up for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and simply create a collection! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like for it (e.g., blockchain, payments tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to determine if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
In this moment you’re probably thinking about which kind of NFT can you shop for here and what you can also sell if you decide to go down that path. The type of NFT it is unlimited because there’s a wide range of options for how to do it.
It is possible to sell digital items, trading cards, game assets domain names, also physical goods! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs for using this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t need to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, and it is a great way to receive high profit from your collection.
Referral Program
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are advantages by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, letting you make more money from this act.
Other NFT marketplaces don’t have this feature, so that’s just another advantage OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS as well as Android. Although you aren’t able to purchase or sell things, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal to trade your fiat currency for cryptocurrency on these platforms. Nft Solid Channel
You can exchange the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
Each of them has the option of exchange for ETH which is the standard cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly using an ETH blockchain, wallets which are part of this network are appropriate for this site.
Here’s a list of several crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage and the ability to purchase cryptocurrency with the credit card. Nft Solid Channel
To learn more about it You can go through their FAQs to see the steps you can begin and also what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
Pros
- Available as mobile apps for iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
Cons
- Allows royalties of only 10% to artists (low royalty rates).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used to access this marketplace.
Pricing
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Solid Channel
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use it to sell NFTs due to its no cost of gas and low commission fee rate which you are required to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year 2018. Since the system it operates on is based on a blockchain, it is safe to say that your transactions are protected and secured.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark will be assigned to your account or any collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be quite low in comparison to others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is commonly used on this site as well as other sites to provide the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before There is an official mobile app from OpenSea for both iOS and Android. Install it from their app store, and begin browsing through the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive notifications on updates regarding 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/).
