The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up all over the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and let’s explore what you can do with OpenSea and also see 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Tube Stand For
The purpose of OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional costs. It also has additional functions which allow you to market your art without too many difficulties.
For registration, you won’t have to provide any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for most processes. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains available, you can choose which one you’d like to transfer your NFT to as a seller. This will ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name, to a piece of art by 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 in the collection at OpenSea and you can join in with this! You can start your own personal market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto industry the term “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t sure exactly what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. This can be an item of rareness like mint-condition baseball trading cards, or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item you’re selling online. In simpler terms, you could simply consider the NFT as a digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You are calling the ownership of the particular item that you posted to the market place, but selling it. Usually, this becomes official when you have filled in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and simply making a collection to begin! Complete the correct and complete information about your NFT and select the type of settings you’d like for it (e.g., blockchain, payments tokens). After that you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe how the transactions go from now to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself which kind of NFT be found here, and what you could also sell if you decide to go down that path. The type of NFT it can be is indefinite because there’s a wide range of options for how to go about it.
It is possible to sell digital products, trading cards games domain names, even physical assets! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the others. There are no gas costs when you utilize this feature to mint and sell NFTs. This means you’ll receive the maximum profits when you begin selling since you don’t need to pay on extra fees.
Very few NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your NFT collection.
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
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 at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you to trade your fiat currency for cryptocurrency using these platforms. Nft Tube Stand For
You can exchange your fiat currency using a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option of exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than others. Since it is built on an ETH blockchain, all wallets with a connection to this network are appropriate for this site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
Note: The 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, and the function to buy cryptocurrency using a credit card. Nft Tube Stand For
To know more about it to learn more, check out their FAQs to see an overview of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Tube Stand For
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to market their work online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its low gas fees and low commission fees you must pay.
You can browse and purchase an array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year of 2018. Since its system is built on a blockchain that is secure, you can say that your transactions are protected and secured.
Additionally, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will appear on your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is considered to be quite low in comparison with other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site and other sites to provide more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned There is an official mobile application from OpenSea that is available for iOS as well as Android. You can download it through their app store, and then you can begin exploring the collection now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as 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/).