The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto currency. Markets have popped up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s see the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Statistics
The purpose of OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional charges. There are additional features that let you sell your artwork without any difficulties.
In terms of registration, you won’t have to give all of your personal details. All you have 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.
OpenSea: Blockchain
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also functions on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains it is possible to choose which one you’d like to publish your NFT as a seller. This is to ensure the security of your NFT, along with those who wish to buy it. Every transaction will be conducted 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 online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can be a seller however, it takes time for anyone to become an established one.
There’s a huge selection in the collection of NFTs available at OpenSea and you could also be a part of this! You can start your own market there, and also find NFTs you want to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but aren’t sure exactly what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency which is extremely unique and can’t be changed. This can be an item of rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing you’re selling online. More straightforwardly, you can simply think of as an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting NFTs
Minting is similar to calling for dibs on your own NFTs. You are calling the ownership of the particular item you uploaded on the marketplace, and you’re putting it up for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and creating a collection to start! Fill out the proper and accurate information about your NFT and then select what type of settings you want to use it with (e.g., blockchain and money transfer tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
You can watch and see how transactions progress from now to see if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs be found here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT it is indefinite because there’s a wide range of options for how to go about it.
You can be selling digital products, trading cards, game assets domain names, some physical items! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from other companies. There are zero gas fees when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you don’t need to pay on extra fees.
Very few NFT marketplaces have this feature, which is why this can be a fantastic way to earn a high return from your portfolio.
Referral Program
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the sales amount, which means you can earn more cash by this method.
Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can convert your fiat money into cryptocurrency using these platforms. Nft Statistics
You can exchange your fiat currency using a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and more!
All of them have the option to exchange for ETH which is the standard crypto payment in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than other. Since it is built mainly on the ETH blockchain, any wallets that share this network are appropriate for this website.
Here’s a list different crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency with the credit card. Nft Statistics
To learn more about it You can go through their FAQs for an overview of how you can begin and which other wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
Pros
- Available as mobile apps for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
Cons
- Allows royalties of only 10% to artists (low royalty rates).
- Cannot buy or sell through the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto account is needed to access this marketplace.
Pricing
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Statistics
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use the platform to market NFTs because of its zero gas fees and low commission fee rate which you are required to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception in 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear next to your account or the collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared with other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can utilize to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned There is an official mobile app by OpenSea that is available for iOS or Android. Install it from their app store and you can start browsing through the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and get 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/).
