The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto coins. Markets have popped up all over the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and discover the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Vegas Odds
The purpose for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional costs. It has more functions which allow you to market your artwork without any problems.
For the registration process, you don’t have to provide all of your personal details. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also functions with the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains, you can choose which one you’d like to publish your NFT as an seller. This ensures the safety of your NFT as well as the people who want to buy it. Every transaction will be conducted along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist that you admire. Anyone can sell however, it takes a while before anyone can become an established seller.
There are a variety of NFTs from the selection at OpenSea and you could become a part of that! You can create your own marketplace on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market the term “NFT” has been going around for so long on internet that many millennials are familiar with it , but not exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can buy is an NFT. An NFT is a token that is non-fungible that is exclusive and cannot be substituted. It could be an item of any rareness like authentic baseball cards, or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible item that you can sell on the internet. In simpler terms, you could simply think of an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. It is a way of claiming ownership over that particular token/item that you posted to market, as you’re putting it up for sale. Usually, this becomes official once you fill out the correct information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and then making a collection to begin! Complete the correct and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain, payment tokens). After that you are able to 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 see if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about what kind of NFTs be found here, and what you could also sell if you choose to go that route. The type of NFT it can be is unlimited since there’s a broad range of how you can approach it.
You could be selling trade cards, digital goods, game assets, domain names, and even physical assets! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the other options. There’s no cost for gas when you use this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t have to spend on extra fees.
Not many NFT marketplaces provide this feature, and it can be a fantastic way to receive high profit from your collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can earn more money through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
OpenSea’s mobile apps are available on both iOS and Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use to exchange your fiat money for cryptocurrency using these platforms. Nft Vegas Odds
You can exchange the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
All of these have the option of converting them into ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than other. Because it is based on an ETH blockchain, any wallets that share the same network are suitable for this website.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and 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 a credit card. Nft Vegas Odds
To learn more about it You can go through their FAQs to get the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- Cannot buy or sell through our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has any crypto currency 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 easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Vegas Odds
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists using for selling NFTs due to its low gas costs and low commission fees which you are required to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception in the year 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are protected and secured.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear next to your account or collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure that users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will receive only up to 10% of the royalties once you upload the NFT. This is thought to be quite low in comparison to others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and numerous others to cater for many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before There is an official mobile app by OpenSea for both iOS as well as Android. You can download it through their app store and you can start exploring the collection now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).