Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto coins. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them 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’s now one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Street Football Orange
The aim of OpenSea was to offer artists with a marketplace/platform to easily upload their commissions with no additional costs. It has more functions that let you sell your work without having to deal with many issues.
When it comes to registration, you don’t need to worry about giving any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It also functions on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains available it is possible to choose which one you want to upload your NFT on as an seller. This ensures the safety of your NFT as well as those who would like to purchase it. All transactions are made by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist that you admire. Anyone can be a seller however it takes time before anyone can become an established seller.
There is a wide variety 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 want to purchase for yourself.
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but not exactly sure 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 latest ways you can buy is an NFT. An NFT is a non-fungible token that is exclusive and cannot be changed. It can be an item of any rareness like mint-condition baseball trading cards or rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item that you sell on the internet. In simpler terms, you could just imagine an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling 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. Typically, this is official once you fill out the proper information regarding the NFT and finally submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and then create a collection! Input the appropriate and complete information about 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 100 MB limit.
You can wait and observe how the transactions go from here on out to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering what kind of NFTs can be found here and what kind of NFTs you can also sell if you choose to go down that path. The kind of NFT it is unlimited because there’s a wide range of ways to go about it.
You could be selling trade cards, digital goods games, domain names, and also physical goods! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from other companies. There are no gas costs 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 any additional charges.
There aren’t many NFT marketplaces provide this feature, and it can be a fantastic way to make a huge profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, letting you make more money through this action.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for both 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 available at your disposal to convert your fiat money into cryptocurrency through these platforms. Nft Street Football Orange
You can exchange your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option to exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Because it is based around an ETH blockchain, any wallets with a connection to this network are appropriate for the site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency using a credit card. Nft Street Football Orange
For more information about the service, you can check their FAQs to see an overview of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- It is not possible to buy or sell items via this mobile application.
- Only accepts cryptocurrency as a type of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone 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. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Street Football Orange
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to sell their works online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists using the platform to market NFTs due to its low gas costs and low commission fee rate which you are required to pay.
You can browse and purchase an array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception in 2018. Because its system is based on a blockchain, it is safe to declare that transactions are secure and safe.
Additionally, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed next to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison to others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be widely used on this site as well as numerous others to cater for more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before, there is definitely an official mobile app from OpenSea for both iOS or Android. Install it from their app store, and then you can begin exploring the collection now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).