Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto coins. Markets have popped up all over the web that allow users to buy and sell NFTs with 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 leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and discover the possibilities of OpenSea and also see the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Uitleg
The goal for OpenSea was to offer artists with a marketplace/platform to upload their commissions without any extra costs. It has more functions that allow you to sell your art without too many issues.
In terms of 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 and without much hassle as you step into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It is also based on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains available, you can choose which one you would like to upload your NFT on as a seller. This ensures the safety of your NFT, along with those who would like to purchase it. All transactions are made by using the blockchain, so you should think about 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. It is possible to purchase anything as simple as a domain name to an official artwork by an artist you admire. Anyone can be a seller however, it takes time for anyone to be an established one.
There’s a huge selection from the selection at OpenSea and you can also be a part of the collection! You can start your own market there, and also find NFTs that you would like to purchase for 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 for so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it is. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is exclusive and cannot be substituted. It can be a piece of rareness, such as authentic baseball cards, or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible thing that you sell online. It is simpler to simply think of as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to market, as you’re putting it up for sale. Typically, this is official after you fill in the correct information about the NFT and then add it on the market.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and simply create a collection! Complete the correct and correct information regarding your NFT and select the type of settings you want for it (e.g. blockchain and payments tokens). After you’ve completed the process, you can finally upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from here on out to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering which kind of NFT be purchased here and what you can also sell if you decide to go down that path. The kind of NFT that you can purchase is unlimited as there’s a variety of options for how to go about it.
You can be selling digital products, trading cards, game assets, domain names, and some physical items! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from other companies. There are zero gas fees for using this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you sell because you don’t need to pay on extra fees.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to receive high profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to convert your fiat money into cryptocurrency on these platforms. Nft Uitleg
You can swap your fiat currency using a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option to exchange for ETH that is the most common cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than other. Because it is based using an ETH blockchain, wallets with a connection to that network will be suitable for the site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency using a credit card. Nft Uitleg
For more information about the service You can go through their FAQs for the steps you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- It is not possible to buy or sell items on our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are 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’s no additional cost for it.
Frequently Asked Questions Nft Uitleg
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online to receive cryptocurrency as a form of payment. It’s a great platform for artists using it to sell NFTs due to its low gas fees and low commission fee rate which you are required to pay.
You can shop and browse an array of digital products on this NFT marketplace and you must take a look!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year of 2018. Because its system is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark will appear on your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks 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 when you upload the NFT. This is believed to be quite low in comparison with the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is widely used on this site and other sites to provide many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier There is an official mobile application from OpenSea available for both iOS as well as Android. Install it from their app store, and you can start browsing through the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application 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/).