The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up all over the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re interested in crypto, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest 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, along with checking the NFTs available to view!
Before you continue, you may want to watch 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 Team Total Offence 2021
The purpose to create OpenSea was to simply provide an online marketplace for artists to easily upload their commissions with no additional costs. It also has additional functions that let you sell your work without having to deal with many issues.
In terms of the registration process, you don’t have to give all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions with the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you would like to upload your NFT on as a seller. This will ensure the security of your NFT as well as the people who want to buy it. All transactions are made along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist you admire. Anyone can be a seller however, it takes some time for anyone to become an established seller.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you can join in with the collection! You can set up your own market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto 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 not exactly sure what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible currency that is exclusive and cannot be changed. This can be a piece of rarity like authentic baseball cards or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible item that you sell on the internet. In simpler terms, you could simply consider an NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and you’re putting it up for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and then creating a collection to start! Complete the correct and complete information about your NFT and select the type of settings you’d like to use for it (e.g. blockchain and payment tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself what kind of NFTs can be found here and what you can also sell if you choose to go down that path. The kind of NFT it can be isn’t limited since there’s a broad range of ways to do it.
You could be selling digital products, trading cards, game assets, domain names, and some physical items! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This means you’ll get the most profit when you start selling because you won’t have to spend on any additional charges.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to receive high profit from your collection.
The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you make more money through this action.
Other NFT marketplaces don’t have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS and Android. While you’re not able to buy or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can convert your fiat money into cryptocurrency through these platforms. Nft Team Total Offence 2021
You can swap your fiat currency using a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
All of them have the option of exchange for ETH, which is the standard crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built around an ETH blockchain, all wallets that share that network will be suitable for the site.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency using credit cards. Nft Team Total Offence 2021
For more information about the service You can go through their FAQs to get the steps you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Team Total Offence 2021
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 a great platform for artists who use the platform to market NFTs due to its low gas fees and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear on 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 that users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared against others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is widely used on this site as well as numerous others to cater for the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store and begin exploring the collection now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and receive alerts on any updates that affect 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/).