The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto currency. Markets have popped up all over the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and discover the possibilities of OpenSea and also see what NFTs you can view!
Before you go on, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft To Usd
The purpose for OpenSea was to provide an online marketplace for artists to easily upload their commissions with no additional charges. It has more functions that allow you to sell your artwork without any issues.
In terms of the registration process, you don’t have to provide all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for most processes. It also operates on the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you would like to transfer your NFT to as a seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions will be made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name to an official artwork from an artist you admire. Anyone can be a seller however it takes a while for anyone to be an established one.
There is a wide variety of NFTs available at OpenSea and you can become a part of this! You can create your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the cryptocurrency industry the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy can be an NFT. A NFT is a token that is non-fungible that is very exclusive and cannot be substituted. It can be an item of rareness, such as authentic baseball cards or unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible item that you sell online. It is simpler to just think of as an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. You’re claiming ownership over that particular token/item that you have uploaded to market, as putting it up for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then creating a collection to start! Fill out the proper and accurate information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain or money transfer tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering what kind of NFTs can be purchased here, and what you could sell should you decide to pursue that route. The kind of NFT it can be isn’t limited as there’s a variety of options for how to approach it.
You can be selling digital items, trading cards game assets, domain names, and even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the others. There’s no cost for gas when you utilize this feature to create and market NFTs. This simply means that you’ll get the most profit when you sell because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your portfolio.
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase 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 don’t offer this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse through the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. While you’re not able to buy or sell things, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal to convert your fiat money into cryptocurrency using these platforms. Nft To Usd
You can exchange your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
Each of them has the option of exchange for ETH, which is the most common 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 others. Because it is based on an ETH blockchain, any wallets with a connection to the same network are suitable for this site.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. Nft To Usd
For more information about the service, you can check their FAQs to get a rundown of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has 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 can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft To Usd
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists using for selling NFTs due to its no gas costs and low commission fee rate you must pay.
You can shop and browse the vast array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can claim that your transactions are secure and safe.
In addition as a seller you will be verified after you have built up your credibility. A blue checkmark will appear on your account or any collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and many others to accommodate more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As previously mentioned there’s an official mobile app by OpenSea for both iOS and Android. Install it from their app store, and you can start browsing through the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts as well as receive 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/).