The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto coins. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s explore the possibilities of OpenSea and also see 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. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Stocks Meaning
The purpose to create OpenSea was to provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional fees. It has more functions which allow you to market your art without too many problems.
When it comes to registration, you won’t have to provide too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It also functions using the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains that are available, you can choose which one you want to upload your NFT on as seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions will be made using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange 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 a while for anyone to become an established seller.
There’s a huge selection in the collection at OpenSea and you could become a part of this! You can set up your own personal market here, along with finding NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. The NFT is a token that is non-fungible that is very exclusive and cannot be changed. It could be an item of any rareness like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object you’re selling on the internet. It is simpler to simply consider as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs for your personal NFTs. It is a way of claiming the ownership of the particular item you uploaded on the marketplace, and you’re offering it for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then making a collection to begin! Fill out the proper and correct information regarding your NFT and choose what kind of settings you want for it (e.g., blockchain, payments tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from now on to see if OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
At this point you’re probably thinking about the kind of NFTs can you shop for here, and what you could also sell if you choose to pursue that route. The kind of NFT it can be isn’t limited since there’s a broad range of how you can go about it.
You could be selling digital products, trading cards, game assets domain names, also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the other options. There are zero gas fees for using this feature when you create and market NFTs. This simply means that you’ll get the most profit when you begin selling since you don’t need to pay on any additional charges.
Not many NFT marketplaces provide this feature, and it is great for you to earn a high return from your NFT collection.
Referral Program
The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are advantages by referring a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can earn more cash by this method.
Other NFT marketplaces do not 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 app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. While you’re not able to buy or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you to trade your fiat currency for cryptocurrency on these platforms. Nft Stocks Meaning
You can swap your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
Each of them has the option of exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than other. Since it is built mainly around an ETH blockchain, all wallets with a connection to this network are appropriate for the site.
Here’s a list several 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 has its own limitations including simple registration, only mobile usage and the ability to buy cryptocurrency using the credit card. Nft Stocks Meaning
For more information about the service You can go through their FAQs for the steps you can start and what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
Pros
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
Cons
- Allows royalty rates of 10% to artists (low royalty).
- It is not possible to buy or sell items on our mobile apps.
- Only supports cryptocurrency as its type of payment.
- An Crypto wallet is required for this marketplace.
Pricing
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Stocks Meaning
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to market their work online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists who use for selling NFTs due to its low gas costs and the low commission rate that you have to pay.
You can shop and browse a vast collection of digital items on the NFT marketplace and you must take a look!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established in the year of 2018. Because its system is built on blockchain technology, it is safe to claim that your transactions are protected and secured.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been widely used on this site as well as numerous others to cater for many more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned, there is definitely an official mobile app by OpenSea that is available for iOS as well as Android. Download it at their respective app store and you can start exploring the collection right now!
There is also a desktop application for OpenSea can be downloaded via 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/).
