The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, 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 Tilbury
The purpose for OpenSea was to offer an online marketplace for artists to easily upload their commissions with no additional fees. It has more functions that let you sell your work without having to deal with many issues.
When it comes to registration, you won’t have to worry about giving too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains, you can choose which one you’d like to publish your NFT as an seller. This will ensure the security of your NFT as well as the people who want to buy it. All transactions will be made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist you admire. Anyone can become a seller however it takes a while for anyone to be a reputable one.
There’s a huge selection from the selection at OpenSea and you could also be a part of the collection! You can create your own personal market there, and also find NFTs you’d like to buy for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement 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 a lot of millennials have heard of it but aren’t sure exactly what it means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible currency that is very unique and can’t be replaced. It can be an item of rarity like authentic baseball cards, or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can just think of an NFT as a digital item that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling the shots for your personal NFTs. You’re claiming ownership over that particular token/item that you have uploaded to market, as you’re offering it for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and making a collection to begin! Complete the correct and correct information regarding your NFT and then select what type of settings you want to use it with (e.g., blockchain or payment tokens). After that 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.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
In this moment you’re probably thinking about what kind of NFTs you shop for here, and what you could sell should you decide to go down that path. The kind of NFT it can be is indefinite as there’s a variety of options for how to do it.
You can be selling trade cards, digital goods, game assets domain names, also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the other options. There are zero gas fees when you use this feature to mint and sell NFTs. This means you’ll get the most profit when you sell because you won’t need to spend on extra fees.
Very few NFT marketplaces have this feature, so this is great for you to make a huge profit from your NFT collection.
Referral Program
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you to trade your fiat currency for cryptocurrency on these platforms. Nft Tilbury
You can convert your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
All of them have the option to exchange for ETH which is the standard cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than other. Since it is built mainly around an ETH blockchain, any wallets that share that network will be suitable for this site.
Here is a list of several crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage and the ability to purchase cryptocurrency using a credit card. Nft Tilbury
To learn more about it to learn more, check out their FAQs to get a rundown of how you can get started and what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
Pros
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
Cons
- Allows royalties up to 10% for artists (low royalties).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- A Crypto wallet is required for this marketplace.
Pricing
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Tilbury
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to sell their works online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its no cost of gas and low commission fees that you have to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year 2018. Since the system it operates on is built on a blockchain that is secure, you can say that your transactions are protected and secured.
Furthermore as a seller you will be verified after you have built up your credibility. A blue checkmark is placed to your account or any collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How do I earn royalties on OpenSea?
As an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison to other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be widely utilized on this website and other sites to provide the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through 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/mobile application?
As we mentioned earlier, there is definitely an official mobile app by OpenSea for both iOS or Android. Download it at their respective app store and then you can begin exploring the collection right now!
A desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and 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/).
