The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. Markets have popped up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid 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 let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Tomato System
The goal for OpenSea was to simply provide a platform/marketplace for artists to upload commissions, without having to pay any additional fees. It has more functions that allow you to sell your art without too many issues.
For registration, you won’t have to give any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for most processes. It also functions with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains that are available, you can choose which one you want to upload your NFT on as seller. This is to ensure the security of your NFT, along with the people who want to buy it. Every transaction will be conducted by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to an official artwork by an artist you admire. Anyone can sell, but it takes some time for anyone to become an established one.
There is a wide variety in the collection on OpenSea and you could become a part of this! You can set up your own market on this site, as well as find NFTs that you would like to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials are familiar with it but not exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token that is exclusive and cannot be replaced. It can be an item of rareness, such as rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item that you sell online. More straightforwardly, you can just consider the NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs to your NFTs. You are calling the ownership of the particular item that you have uploaded to the market place, but offering it for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and then add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and create a collection! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain and payment tokens). Once that’s all done then you’re able to upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from here on out to determine whether OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
At this point you’re probably asking yourself the kind of NFTs can be found here, and what you could also sell if you decide to go down that path. The type of NFT it is indefinite since there’s a broad range of how you can go about it.
You can be selling digital products, trading cards, game assets, domain names, and even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from the others. There’s no cost for gas for using this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on extra fees.
Very few NFT marketplaces provide this feature, so this is a great way to receive high profit from your portfolio.
Referral Program
The Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more cash from this act.
Other NFT marketplaces do not have this feature and that’s another benefit OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. While you’re not able to buy or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use to exchange your fiat money for cryptocurrency through these platforms. Nft Tomato System
You can swap your fiat currency using a credit card or Paypal via these reputable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
All of these have the option of converting them into ETH, which is the most common 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 nevertheless more compatible than other. Because it is based using the ETH blockchain, all wallets that share the same network are suitable for the site.
Here is a list of various crypto wallets that 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 one has its own set of limitations including simple registration, use on mobile devices only, and the function to buy cryptocurrency using the credit card. Nft Tomato System
For more information about the service You can go through their FAQs to get a rundown of how you can begin and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
Pros
- Mobile apps are available for iOS or 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.
Cons
- Allows royalty rates of up to 10% for artists (low royalties).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto wallet is required for this marketplace.
Pricing
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Tomato System
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists using the platform to market NFTs due to its low cost of gas and low commission fees that you have to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace and you must take a look!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded in the year 2018. Because its system is built on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark will appear to your account or the collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties from OpenSea?
As an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared to others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as other sites to provide the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can use to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before There is an official mobile application from OpenSea available for both iOS as well as Android. Install it from their app store and then you can begin exploring the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
