The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up all over the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s explore 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. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Water Consumption
The aim to create OpenSea was to offer an online marketplace for artists to upload commissions with no additional charges. It has more functions which allow you to market your artwork without any issues.
In terms of the registration process, you don’t have to give too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also functions with the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains that are available it is possible to choose which one you would like to upload your NFT on as an seller. This is to ensure the security of your NFT as well as those who wish to purchase it. All transactions will be made using this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to official art by an artist you admire. Anyone can sell however, it takes time for anyone to become an established one.
There’s a huge selection in the collection on OpenSea and you could also be a part of this! You can set up your own marketplace on this site, as well as find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto market the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but not exactly sure what it means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible token which is extremely individual and cannot be changed. This can be a piece of rareness, such as rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could just imagine an NFT as a digital item which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling the shots to your NFTs. You are calling the owner of the item or token that you have uploaded to the market place, but you’re offering it for sale. Typically, this is official once you fill out all the necessary information about the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and create a collection! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g., blockchain and payment tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
You can watch and see how the transactions go from now on to see if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
At this point you’re probably thinking about the kind of NFTs can be purchased here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT it is unlimited as there’s a variety of ways to go about it.
You can be selling trade cards, digital goods games domain names, even physical assets! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There are no gas costs when you use this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you start selling because you don’t need to pay on extra fees.
Very few NFT marketplaces offer this feature, which is why this is a great way to make a huge profit from your NFT collection.
Referral Program
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits when you refer a friend 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 purchase amount, letting you earn more cash through this action.
Other NFT marketplaces do not have this kind of feature either and that’s another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on both iOS as well as Android. Even though you can’t buy or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency through these platforms. Nft Water Consumption
You can swap your fiat currency using a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and more!
Each of them has the option of converting them into ETH which is the most common cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built mainly around an ETH blockchain, wallets with a connection to this network are appropriate for this website.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage as well as the capability to buy cryptocurrency using the credit card. Nft Water Consumption
To learn more about it You can go through their FAQs to get an overview of how you can begin and what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
Pros
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
Cons
- Allows royalties of only up to 10% for artists (low royalties).
- You cannot buy or sell products via our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required to access this marketplace.
Pricing
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, 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 are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Water Consumption
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists using the platform to market NFTs due to its low cost of gas and the low commission rate which you are required to pay.
You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year 2018. Since its system is built on blockchain technology and is secured, it is safe to claim that your transactions are protected and secured.
In addition, as a seller, you will be verified after you’ve earned a 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 users are safe.
How do I earn royalties on OpenSea?
As an artist, you’ll get only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can make use of to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app from OpenSea available for both iOS and Android. You can download it through their app store, and begin exploring the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts as well as receive 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/).
