The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto currency. Markets have popped up across the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth checking out.
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 most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Upper West Side
The aim to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional costs. It has more functions that let you sell your art without too many issues.
In terms of registration, you won’t have to worry about giving too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It is also based using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains available it is possible to choose which one you would like to publish your NFT as seller. This will ensure the security of your NFT and the people who want to purchase it. Every transaction will be conducted by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to official art by an artist you admire. Anyone can sell however, it takes a while before anyone can become a reputable one.
There’s a huge selection from the selection on OpenSea and you could join in with the collection! You can create your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be substituted. 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 item that you sell online. It is simpler to simply think of the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and putting it up for sale. Typically, this is official when you have filled 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. All you have to do is visit the store and making a collection to begin! Complete the correct and accurate information about your NFT and select the type of settings you’d like for it (e.g., blockchain, payments tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about what kind of NFTs can be found here and what you can also sell if you choose to go that route. The kind of NFT it is indefinite because there’s a wide range of options for how to approach it.
You could be selling digital products, trading cards game assets domain names, even physical assets! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from other companies. There are zero gas fees for using this feature to create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you don’t need to pay on any additional charges.
Not many NFT marketplaces offer this feature, so this is a great way to make a huge profit from your collection.
A Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which allows you to make more money by this method.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to exchange your fiat money for cryptocurrency through these platforms. Nft Upper West Side
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
Each of them has the option of exchange for ETH which is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than other. Because it is based around the ETH blockchain, any wallets that share this network are appropriate for this website.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. Nft Upper West Side
To know more about it, you can check their FAQs for an overview of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Upper West Side
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using it to sell NFTs due to its low cost of gas and low commission fee rate that you have to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded at the end of the year 2018. Since its system is built on a blockchain that is secure, you can declare that transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will appear next to your account or collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties from OpenSea?
As an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared against other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is widely used on this site and numerous others to cater for many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As mentioned before There is an official mobile app by OpenSea that is available for iOS or Android. You can download it through their app store, and then you can begin exploring the collection now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and receive 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/).