Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up across the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out 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 of OpenSea.
OpenSea as an NFT Marketplace Nft Token, Buffalo, Ny
The aim to create OpenSea was to provide an online marketplace for artists to easily upload their commissions without any extra fees. It also has additional functions which allow you to market your art without too many issues.
When it comes to the registration process, you don’t have to provide any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used 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 it is possible to choose which one you’d like to upload your NFT on as a seller. This ensures the safety of your NFT, along with those who would like to buy it. All transactions are made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to official art by an artist you admire. Anyone can sell, but it takes time for anyone to become an established seller.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you could join in with the collection! You can start your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t exactly sure what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy includes an NFT. The NFT is a token that is non-fungible that is individual and cannot be changed. It could be an item of any rarity like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can simply think of as an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling the ownership of the particular item that you have uploaded to market, as you’re putting it up for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and making a collection to begin! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain and money transfer tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see how the transactions go from now to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering the kind of NFTs be purchased here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it can be is unlimited since there’s a broad range of how you can do it.
You can be selling trade cards, digital goods, game assets, domain names, and some physical items! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the others. There’s no cost for gas for using this feature to mint and sell NFTs. This means you’ll receive the maximum profits when you start selling because you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are rewards by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, which means you can earn more cash from this act.
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 application, however it’s mostly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS and Android. While you’re not able to buy or sell things, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you to trade your fiat currency for cryptocurrency on these platforms. Nft Token, Buffalo, Ny
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 of exchange for ETH that is the most common cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than others. Since it is built using the ETH blockchain, any wallets which are part of the same network are suitable for the site.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage and the ability to buy cryptocurrency using a credit card. Nft Token, Buffalo, Ny
To know more about it You can go through their FAQs to see the steps 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 disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- A Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Token, Buffalo, Ny
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s a great option for artists who want to use the platform to market NFTs because of its zero gas costs and the low commission rate you must pay.
You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Because its system is built on blockchain technology and is secured, it is safe to declare that transactions are protected and secured.
Additionally 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 uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be quite low in comparison to the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use 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 to complete the exchange.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile app from OpenSea that is available for iOS or Android. You can download it through their app store and then you can begin exploring the collection right now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and get 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/).