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 internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and discover what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Starty Sky
The goal of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions without any extra costs. It has more functions 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 have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains that are available you can pick which one you would like to publish your NFT as seller. This is to ensure the security of your NFT and the people who want to buy 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 endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can be a seller, but it takes time for anyone to become an established seller.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea, and you can join in with the collection! You can set up your own marketplace here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but not exactly sure what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible which is extremely individual and cannot be substituted. It can be a piece of rareness, such as rare baseball trading cards in mint condition or unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible object that you can sell online. In simpler terms, you could simply imagine an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and offering it for sale. Usually, this is recognized once you fill out the correct information about the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and then create a collection! Complete the correct and accurate information about your NFT and choose what kind of settings you want for it (e.g., blockchain and payments tokens). After that you are able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from here on out to see if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering the kind of NFTs you shop for here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT that you can purchase is unlimited because there’s a wide range of ways to go about it.
You could be selling digital products, trading cards game assets domain names, also physical goods! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from other companies. There’s no cost for gas when you use this feature to make and then sell the NFTs. This means you’ll be able to make the highest profits once you sell because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, which is why this is great for you to make a huge profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, letting you make more money through this action.
Other NFT marketplaces don’t have the same feature and that’s another benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency on these platforms. Nft Starty Sky
You can convert your fiat currency using a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and other things!
All of these have the option to exchange for ETH, which is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than other. Because it is based on the ETH blockchain, any wallets which are part of this network are appropriate for this website.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency using a credit card. Nft Starty Sky
To know more about it to learn more, check out their FAQs to see a rundown of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed for this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Starty Sky
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal option for artists who want to use for selling NFTs because of its zero gas costs and low commission fee rate you must pay.
You can shop and browse the vast array of digital products on this NFT marketplace and you must check it out!
Is OpenSea real and secure?
Answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year 2018. Because its system is built on blockchain technology that is secure, you can claim that your transactions are safe and secure.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared against other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is commonly used on this site and many others to accommodate more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using 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 we mentioned earlier There is an official mobile app from OpenSea available for both iOS or Android. Install it from their app store and begin exploring the collection now!
The desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you can 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/).