The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up all over 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 about OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Tutorial
The aim for OpenSea was to offer a platform/marketplace for artists to upload commissions without any extra charges. It also has additional functions that let you sell your artwork without any problems.
When it comes to the registration process, you don’t have to provide too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for most processes. It also functions using the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains you can pick which one you want to upload your NFT on as a seller. This ensures the safety of your NFT and those who would like to buy it. Every transaction will be conducted by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can become a seller however, it takes time for anyone to become an established one.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you could become a part of the collection! You can set up your own personal market there, and also find NFTs you want to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the cryptocurrency industry the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy includes an NFT. A NFT is a non-fungible currency which is extremely unique and can’t be substituted. This can be an item of rareness like rare baseball trading cards in mint condition or unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could just think of an NFT to be a type of digital item paid via cryptocurrency only.
Minting NFTs
Minting is like calling the shots to your NFTs. You’re claiming the owner of the item or token that you have uploaded to the market place, but you’re offering it for sale. Usually, this is recognized once you fill out the correct information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and create a collection! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain, money transfer tokens). After that you are able to upload it if it fits the 100 MB limit.
You can watch and see how the transactions go from now to see if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
In this moment you’re probably thinking about the kind of NFTs can you shop for here, and what you could also sell if you choose to go down that path. The type of NFT it isn’t limited because there’s a wide range of how you can go about it.
You can be selling trade cards, digital goods game assets, domain names, and also physical goods! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the others. There’s no cost for gas for using this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you begin selling since you don’t need to pay on additional fees.
Very few NFT marketplaces offer this feature, so this is a great way to make a huge profit from your portfolio.
Referral Program
A Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more money by this method.
Other NFT marketplaces do not have the same feature This is a further benefit OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. While you’re not able to buy or sell something, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Tutorial
You can exchange your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
All of these have the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than others. Since it is built on an ETH blockchain, wallets that share that network will be suitable for this site.
Here is a list of different crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only, and the function to purchase cryptocurrency using the credit card. Nft Tutorial
To know more about it to learn more, check out their FAQs to get an overview of how you can start and also what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
Pros
- Available as mobile apps for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
Cons
- Allows royalty rates of 10% for artists (low royalties).
- You cannot buy or sell products via our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
Pricing
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Tutorial
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs because of its zero cost of gas and low commission fees which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established in 2018. Since its system is based on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark will be assigned next to your account or any collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared against others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be widely used on this site as well as many others to accommodate many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile app by OpenSea that is available for iOS and Android. Install it from their app store, and then you can begin exploring the collection now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications about updates to 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/).
