Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto-coins. Markets have popped up across the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s explore what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Stories
The aim to create OpenSea was to offer artists with a marketplace/platform to upload commissions, without having to pay any additional fees. It also has additional functions which allow you to market your artwork without any difficulties.
In terms of the registration process, you don’t have to give too many details about yourself. All you have to do is 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 to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It also functions with the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains that are available, you can 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 would like to purchase it. All transactions will be made 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 endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can sell however it takes time for anyone to become a reputable one.
There are a variety of NFTs from the selection at OpenSea and you could join in with that! You can start your own market on this site, as well as find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around for so long on the internet that many millennials 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 is an NFT. The NFT is a non-fungible currency that is very exclusive and cannot be changed. It can be an item of rareness like authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could simply think of an NFT being a virtual collectible paid via cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to market, as putting it up for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then creating a collection to start! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like for it (e.g. blockchain and money transfer tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.
You can watch and see how the transactions go from now on to see if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
So, at this point you’re probably thinking about what kind of NFTs can you shop for here and what you can also sell if you decide to go down that path. The kind of NFT it isn’t limited as there’s a variety of ways to approach it.
You can be selling digital items, trading cards game assets domain names, even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the others. There’s no cost for gas when you use this feature when you create and market NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t need to spend on extra fees.
Very few NFT marketplaces provide this feature, and it can be a fantastic way to earn a high return from your collection.
Referral Program
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are benefits when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which allows you to earn more cash by this method.
Other NFT marketplaces don’t offer this kind of feature either This is a further benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available for both iOS as well as Android. While you’re not able to buy or sell something, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use, and you can convert your fiat money into cryptocurrency through these platforms. Nft Stories
You can swap your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
All of them have the option of exchange for ETH that is the standard cryptocurrency used in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than other. Because it is based on the ETH blockchain, wallets with a connection to this network are appropriate for the site.
Here’s a list various crypto wallets that you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only as well as the capability to buy cryptocurrency using the credit card. Nft Stories
For more information about the service, you can check their FAQs for an overview of how you can start and also 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. You can read about its pros and cons here:
Pros
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
Cons
- Allows royalties up to 10% for artists (low royalties).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- A Crypto digital wallet must be used to access this marketplace.
Pricing
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Stories
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online to receive cryptocurrency as their form of payment. It’s a great option for artists who want to use for selling NFTs due to its no gas costs and low commission fees which you are required to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in 2018. Because its system is based on a blockchain that is secure, you can claim that your transactions are protected and secured.
Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned next to your account or collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will get only 10% of the royalties once you upload the NFT. This is thought to be quite low in comparison with other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can make use of to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned There is an official mobile app by OpenSea available for both iOS as well as Android. Install it from their app store, and begin exploring the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and receive notifications about updates to your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
