The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up all over the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and let’s see what you can do with OpenSea and also see what NFTs you can 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 of OpenSea.
OpenSea as an NFT Marketplace Nft Vs Ebb And Flow Cannabis
The goal of OpenSea was to offer artists with a marketplace/platform to easily upload their commissions without any extra costs. It has more functions that let you sell your artwork without any problems.
When it comes to registration, you won’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 going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It also functions on the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains available, you can choose which one you’d like to transfer your NFT to as a seller. This ensures the safety of your NFT, along with those who wish to buy it. Every transaction will be conducted using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name, to a piece of art by an artist you admire. Anyone can sell however, it takes some time for anyone to be an established seller.
There’s a huge selection from the selection of NFTs available at OpenSea and you can join in with this! You can start your own marketplace here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it , but not exactly sure what it means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is individual and cannot be changed. This can be a piece of rareness, such as mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible thing you’re selling online. In simpler terms, you could just imagine the NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. You’re claiming the owner of the item or token that you have uploaded to the market place, but you’re offering it for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and then add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then create a collection! Complete the correct and complete information about your NFT and select the type of settings you’d like for it (e.g. blockchain or payment tokens). After that then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from now to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself which kind of NFT can be purchased here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT it is indefinite as there’s a variety of options for how to do it.
It is possible to sell digital items, trading cards, game assets domain names, some physical items! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the others. There are no gas costs when you utilize this feature to mint and sell NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t have to spend on additional fees.
Not many NFT marketplaces have this feature, and it is great for you to receive high profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can make more money through this action.
Other NFT marketplaces don’t have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. You can’t buy or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Vs Ebb And Flow Cannabis
You can convert your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and more!
All of them have the option to exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Because it is based using an ETH blockchain, wallets which are part of that network will be suitable for the site.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency using credit cards. Nft Vs Ebb And Flow Cannabis
For more information about the service, you can check their FAQs to get the steps you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- You cannot buy or sell products via this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Vs Ebb And Flow Cannabis
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists using for selling NFTs because of its zero cost of gas and the low commission rate you must pay.
You can shop and browse the vast array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year of 2018. Because its system is built on blockchain technology and is secured, it is safe to say that your transactions are safe and secure.
Additionally as a seller you can become verified once you build up your reputation. A blue checkmark will appear on your account or the collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be widely used on this site as well as other sites to provide more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before There is an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store, and you can start browsing through the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can 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/).