Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto currency. Markets have popped up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and let’s explore what you can do with OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Under 100
The goal to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional costs. There are additional features which allow you to market your artwork without any difficulties.
For registration, you won’t have to worry about giving any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It also operates with the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains that are available, you can choose which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT, along with the people who want 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’s 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 a piece of art from an artist that you admire. Anyone can sell however it takes time for anyone to be an established one.
There’s a huge selection from the selection on OpenSea and you could join in with the collection! You can start your own personal market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy includes an NFT. The NFT is a non-fungible token that is very exclusive and cannot be replaced. This can be a piece of rareness, such as authentic baseball cards or uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object that you can sell online. It is simpler to simply think of an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You’re claiming the owner of the item or token you uploaded on market, as you’re selling it. Usually, this becomes official after you fill in the correct information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and then making a collection to begin! Fill out the proper and accurate information about your NFT and choose what kind of settings you want for it (e.g. blockchain or payment tokens). After that, you can finally upload it, if it’s within the limit of 100MB.
You can watch and see how the transactions go from here on out to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about which kind of NFT be found here and what you can also sell if you decide to pursue that route. The kind of NFT it is unlimited since there’s a broad range of options for how to approach it.
It is possible to sell trade cards, digital goods games domain names, even physical assets! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t have to spend on additional fees.
Not many NFT marketplaces have this feature, so this is a great way to make a huge profit from your portfolio.
A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces there are rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the sales amount, letting you earn more cash from this act.
Other NFT marketplaces don’t have the same feature and that’s another benefit OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for both iOS as well as Android. While you’re not able to buy or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency using these platforms. Nft Under 100
You can convert your fiat currency using a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option of converting them into ETH that is the standard crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than other. Since it is built using the ETH blockchain, wallets with a connection to that network will be suitable for this site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage, and the function to buy cryptocurrency using the credit card. Nft Under 100
To know more about it, you can check their FAQs to get the steps you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- Cannot buy or sell through our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions 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 Under 100
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to market their work online to receive cryptocurrency as a form of payment. It’s a great option for artists who want to use for selling NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was established at the end of 2018. Since its system is built on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned on your account or the collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison to the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before, there is definitely an official mobile app from OpenSea that is available for iOS or Android. Download it at their respective app store, and you can start browsing through the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and get 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/).