The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto coins. Markets have popped up across the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and discover what you can do with OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft System For Lillies
The aim for OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional costs. There are additional features that allow you to sell your artwork without any issues.
When it comes to registration, you don’t need to provide any personal information about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It is also based using the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you’d like to upload your NFT on as seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions are made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to an official artwork by an artist you admire. Anyone can become a seller however it takes some time for anyone to be an established one.
There’s a huge selection in the collection at OpenSea, and you can become a part of the collection! You can create your own marketplace there, and also find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “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 actually means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency that is very exclusive and cannot be changed. It can be an item of rareness, such as mint-condition baseball trading cards, or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing that you sell online. More straightforwardly, you can simply consider an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is similar to calling for dibs on your own NFTs. You’re claiming the ownership of the particular item you uploaded on market, as offering it for sale. Typically, this is official after you fill in the correct information about the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and simply making a collection to begin! Input the appropriate and complete information about your NFT and select the type of settings you’d like for it (e.g. blockchain and money transfer tokens). Once that’s all done, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see how the transactions go from here on out to determine whether OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
In this moment you’re probably thinking about which kind of NFT can be found here, and what you could also sell if you choose to go that route. The kind of NFT it can be isn’t limited as there’s a variety of ways to go about it.
You can be selling digital products, trading cards game assets, domain names, and even physical assets! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from other companies. There’s no cost for gas when you use this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you don’t need to pay on any additional charges.
Very few NFT marketplaces offer 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. Like traditional online marketplaces that offer advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can make more money through this action.
Other NFT marketplaces do not have the same feature and that’s another benefit OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. While you’re not able to buy or sell something, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to convert your fiat money into cryptocurrency using these platforms. Nft System For Lillies
You can exchange your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
All of these have the option of exchange for ETH that is the standard crypto payment in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly using the ETH blockchain, wallets with a connection to this network are appropriate for this site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency with a credit card. Nft System For Lillies
For more information about the service to learn more, check out their FAQs to get an overview of how you can get started and which other wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
Pros
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
Cons
- Allows royalty rates of up to 10% for artists (low royalty rates).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto wallet is required to access this marketplace.
Pricing
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft System For Lillies
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use for selling NFTs because of its zero gas costs and the low commission rate you must pay.
You can browse and purchase the vast array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded in 2018. Since the system it operates on is built on a blockchain that is secure, you can declare that transactions are secure and safe.
In addition, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned next to your account or collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is thought to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be widely used on this site and many others to accommodate many more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can use to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before, there is definitely an official mobile app by OpenSea for both iOS as well as Android. You can download it through their app store, and begin browsing through the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. With 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/).
