Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Trading
The aim for OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional costs. It also has additional functions that let you sell your art without too many difficulties.
For registration, you won’t have to worry about giving all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains it is possible to choose which one you’d like to upload your NFT on as seller. This will ensure the security of your NFT as well as those who wish to buy it. All transactions are made by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can be a seller however, it takes a while for anyone to become an established seller.
There’s a huge selection from the selection of NFTs available at OpenSea and you can become a part of this! You can start your own market there, and also find NFTs you’d like to buy for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around for so long on internet that a lot of millennials have heard of it but aren’t exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible currency that is very exclusive and cannot be replaced. This can be a piece of rareness, such as authentic baseball cards or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you sell online. More straightforwardly, you can just imagine the NFT being a virtual item which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling the shots for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and offering it for sale. Typically, this is official once you fill out the correct information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and complete information about your NFT and select the type of settings you want for it (e.g. blockchain, payment tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled from here on out to determine if OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
At this point you’re probably thinking about the kind of NFTs 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 because there’s a wide range of options for how to go about it.
It is possible to sell digital products, trading cards, game assets domain names, also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas for using this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t have to spend on extra fees.
Not many NFT marketplaces offer this feature, which is why this can be a fantastic way to earn a high return from your portfolio.
Referral Program
This Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more money through this action.
Other NFT marketplaces do not have the same feature and that’s another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available for both iOS as well as Android. Although you aren’t able to purchase or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency using these platforms. Nft Trading
You can swap your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
All of them have the option to exchange for ETH that is the most common crypto payment in OpenSea.
Crypto Wallets
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly around the ETH blockchain, all wallets that share that network will be suitable for this site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency with a credit card. Nft Trading
To know more about it, you can check their FAQs to see a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
Pros
- Mobile apps available for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
Cons
- Allows royalties of only up to 10% for artists (low royalty).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required for this marketplace.
Pricing
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Trading
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to market their work online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists using the platform to market NFTs because of its zero cost of gas and the low commission rate that you have to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded in the year of 2018. Since its system is based on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark is placed to your account or collection you uploaded to reassure any customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before There is an official mobile app by OpenSea available for both iOS and Android. Download it at their respective app store, and then you can begin browsing through the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive alerts on any updates that affect 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/).
