The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s see the possibilities of OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Standards
The purpose of OpenSea was to provide artists with a marketplace/platform to upload commissions, without having to pay any additional charges. It also has additional functions that allow you to sell your art without too many problems.
In terms of registration, you don’t need to worry about giving any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for most processes. It is also based using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains, you can choose which one you would like to transfer your NFT to as seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions will be made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist that you admire. Anyone can become a seller however it takes time before anyone can become an established seller.
There’s a huge selection in the collection at OpenSea and you could join in with the collection! You can set up your own personal market there, and also find NFTs that you would like to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto market, the term “NFT” has been going around so long on the internet that the majority of young people have heard of it but aren’t sure exactly what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible token that is exclusive and cannot be changed. It could be an item of any rareness, such as mint-condition baseball trading cards or uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can simply imagine an NFT as a digital collectible paid via cryptocurrency only.
Minting NFTs
Minting is like calling the shots to your NFTs. It is a way of claiming the owner of the item or token you uploaded on the market place, but you’re offering it for sale. Typically, this is official when you have filled in the correct information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and simply creating a collection to start! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain and money transfer tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe how the transactions go from here on out to see 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 wondering which kind of NFT can you shop for here and what you can also sell if you choose to pursue that route. The kind of NFT it is indefinite as there’s a variety of ways to go about it.
You can be selling digital items, trading cards games domain names, also physical goods! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the other options. There’s no cost for gas for using this feature when you make and then sell the NFTs. This means you’ll get the most profit when you begin selling since you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, and it can be a fantastic way to receive high profit from your portfolio.
Referral Program
This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t offer this feature and that’s another 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 is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS and Android. Even though you can’t buy or sell anything, you can still look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to exchange your fiat money for cryptocurrency using these platforms. Nft Standards
You can convert your fiat currency using a credit card or Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and other things!
Each of them has the option of converting them into ETH that is the standard cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly around the ETH blockchain, all wallets which are part of this network are appropriate for this site.
Here’s a list several crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only and the ability to purchase cryptocurrency with the credit card. Nft Standards
For more information about the service to learn more, check out their FAQs for a rundown of how you can start and which other wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
Pros
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
Cons
- Allows royalty rates of up to 10% for artists (low royalties).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a method of payment.
- The use of a 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 percentage of commissions for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Standards
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists using the platform to market NFTs because of its zero gas costs and low commission fee rate which you are required to pay.
You can shop and browse the vast array of digital items on the NFT marketplace and you must take a look!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year 2018. Since its system is based on a blockchain, it is safe to declare that transactions are protected and secured.
In addition as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared with others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been widely used on this site as well as many others to accommodate many more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier There is an official mobile app by OpenSea that is available for iOS or Android. Download it at their respective app store, and then you can begin exploring the collection now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
