The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. Markets have popped up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Under Review Binance
The goal to create OpenSea was to simply provide an online marketplace for artists to upload commissions, without having to pay any additional costs. It has more functions that allow you to sell your artwork without any issues.
For registration, you won’t have to provide all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It also operates with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains you can pick which one you would like to publish your NFT as seller. This is to ensure the security of your NFT as well as the people who want to purchase it. All transactions are made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name, to a piece of art by an artist you admire. Anyone can become a seller however it takes a while before anyone can become an established one.
There’s a huge selection in the collection of NFTs available at OpenSea, and you can also be a part of the collection! You can start your own market here, along with finding NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token that is exclusive and cannot be changed. This can be a piece of rareness like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you sell online. It is simpler to just imagine an NFT to be a type of digital item paid via cryptocurrency only.
Minting NFTs
Minting is like calling dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you posted to the marketplace, and you’re putting it up for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and then add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and simply creating a collection to start! Fill out the proper and accurate information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain and money transfer tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from now on to determine if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
At this point you’re probably thinking about what kind of NFTs be purchased here, and what you could also sell if you choose to pursue that route. The type of NFT that you can purchase is indefinite because there’s a wide range of options for how to do it.
You could be selling digital products, trading cards games, domain names, and some physical items! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from the other options. There are no gas costs 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 start selling because you don’t need to pay on additional fees.
Not many NFT marketplaces provide this feature, which is why this is great for you to receive high profit from your collection.
Referral Program
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell anything 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 things, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also trade your fiat currency for cryptocurrency through these platforms. Nft Under Review Binance
You can swap the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
Each of them has the option to exchange for ETH, which is the most common crypto payment in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than others. Since it is built around an ETH blockchain, wallets which are part of that network will be suitable for this website.
Here’s a list several crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. Nft Under Review Binance
To know more about it to learn more, check out their FAQs to see an overview of how you can start and what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
Pros
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
Cons
- Allows royalties up to 10% for artists (low royalty).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An 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 a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Under Review Binance
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to sell their works online and receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use it to sell NFTs because of its zero cost of gas and the low commission rate you must pay.
You can browse and purchase an array of digital items on the NFT marketplace and you must go through it!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established in 2018. Because its system is based on a blockchain, it is safe to declare that transactions are safe and secure.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark is placed next to your account or the collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How can I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be quite low in comparison with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before, there is definitely an official mobile app from OpenSea available for both iOS or Android. You can download it through their app store, and begin exploring the collection right now!
The version for desktops that OpenSea can be downloaded via 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/).
