The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto-coins. Markets have popped up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and discover what you can do with OpenSea as well as examining 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft This Week Ats
The aim to create OpenSea was to simply provide an online marketplace for artists to easily upload their commissions, without having to pay any additional costs. It has more functions that let you sell your work without having to deal with many difficulties.
For registration, you don’t need to worry about giving all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for most processes. It is also based on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains, you can choose which one you’d like to publish your NFT as an seller. This ensures the safety of your NFT and those who wish to buy it. All transactions will be made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes a while before anyone can become an established seller.
There are a variety of NFTs from the selection of NFTs available at OpenSea, and you can join in with the collection! You can set up your own personal market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on 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 anyone who is new in the field of cryptocurrency.
One of the latest ways you can buy is an NFT. The NFT is a non-fungible currency that is individual and cannot be changed. It could be an item of rareness like rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible item you’re selling online. It is simpler to simply consider an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You’re claiming the owner of the item or token you uploaded on the market place, but you’re 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 straightforward procedure to create your own NFTs by visiting the store and creating a collection to start! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g. blockchain, payments tokens). Once that’s all done then you’re able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how the transactions go from now on to see whether OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself the kind of NFTs can you shop for here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT that you can purchase isn’t limited since there’s a broad range of how you can do it.
It is possible to sell trade cards, digital goods, game assets domain names, also physical goods! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the others. There are zero gas fees for using this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you begin selling since you don’t need to pay on extra fees.
There aren’t many NFT marketplaces have this feature, so this is great for you to receive high profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which means you can earn more money from this act.
Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
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 scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also trade your fiat currency for cryptocurrency using these platforms. Nft This Week Ats
You can swap your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option to exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly around an ETH blockchain, all wallets that share 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: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage, and the function to buy cryptocurrency using the credit card. Nft This Week Ats
To learn more about it, you can check their FAQs for a rundown of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto digital wallet must be used to access 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% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft This Week Ats
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its low cost of gas and low commission fees which you are required to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed to your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties from OpenSea?
As an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and many others to accommodate many more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As mentioned before, there is definitely an official mobile app by OpenSea available for both iOS as well as Android. You can download it through their app store and then you can begin exploring the collection now!
A version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).