The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking 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 review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Team Worth
The goal for OpenSea was to provide artists with a marketplace/platform to upload commissions with no additional charges. It has more functions that allow you to sell your artwork without any difficulties.
In terms of registration, you don’t need to worry about giving all of your personal details. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency to use 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 most processes. It also functions on the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains it is possible to choose which one you would like to publish your NFT as seller. This ensures the safety of your NFT and the people who want to purchase it. All transactions are made using 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 cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name, to a piece of art by an artist you admire. Anyone can become a seller however, it takes time for anyone to be an established seller.
There are a variety of NFTs in the collection of NFTs available at OpenSea, and you can also be a part of that! You can create your own personal market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in 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 a lot of millennials are familiar with it , but aren’t sure exactly what it means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible token that is very exclusive and cannot be replaced. It could be an item of any rareness, such as authentic baseball cards or rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. It is simpler to simply consider an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling ownership over that particular token/item that you posted to the marketplace, and you’re putting it up for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then create a collection! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain and payments tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how transactions progress from now to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself which kind of NFT can be found here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT that you can purchase isn’t limited because there’s a wide range of ways to approach it.
You could be selling digital items, trading cards games domain names, some physical items! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the others. There are zero gas fees for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t have to spend on any additional charges.
Very few NFT marketplaces have this feature, so this is great for you to earn a high return from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, letting you earn more money from this act.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea 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
A variety of cryptocurrency exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency using these platforms. Nft Team Worth
You can exchange your fiat money via your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option of exchange for ETH that is the primary cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets still more compatible with it than other. Since it is built on the ETH blockchain, wallets which are part of the same network are suitable for this website.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with the credit card. Nft Team Worth
To know more about it, you can check their FAQs to get an overview of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets 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 that are compatible with 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.
- Allows royalties 10% for artists (low royalty rates).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Team Worth
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online and receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use it to sell NFTs because of its zero gas fees and low commission fees which you are required to pay.
You can browse and shop for an array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea real and secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year of 2018. Since its system is based on a blockchain, it is safe to declare that transactions are secure and safe.
Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark is placed on your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you can get only 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been widely utilized on this website and many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store, and you can start exploring the collection now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and get 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/).