Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. Markets have popped up across the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Week 4 Picks Cbs Sports
The aim to create OpenSea was to provide artists with a marketplace/platform to upload commissions with no additional charges. It also has additional functions which allow you to market your work without having to deal with many issues.
In terms of registration, you don’t need to provide too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for most processes. It is also based using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains it is possible to choose which one you want to upload your NFT on as an seller. This is to ensure the security of your NFT, along with the people who want to buy it. All transactions are made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name, to a piece of art by an artist you admire. Anyone can become a seller however, it takes some time for anyone to be an established seller.
There are a variety of NFTs in the collection on OpenSea, and you can become a part of that! You can set up your own market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the crypto industry, the term “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can buy includes an NFT. An NFT is a non-fungible token that is very unique and can’t be changed. It can be an item of rareness, such as rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you sell online. It is simpler to simply imagine an NFT as a digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the owner of the item or token that you have uploaded to the marketplace, and you’re offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and simply creating a collection to start! Fill out the proper and complete information about your NFT and select the type of settings you’d like to use for it (e.g. blockchain or payment tokens). After that, you can finally upload it if it fits the limit of 100MB.
It is possible to wait and see how transactions progress from now to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself what kind of NFTs can be found here and what you can also sell if you decide to pursue that route. The kind of NFT that you can purchase is unlimited as there’s a variety of ways to go about it.
You could be selling digital items, trading cards game assets, domain names, and some physical items! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the others. There are zero gas fees when you use this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to receive high profit from your portfolio.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, which allows you to make more money through this action.
Other NFT marketplaces don’t offer this kind of feature either and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell items as you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. While you’re not able to buy or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use to convert your fiat money into cryptocurrency through these platforms. Nft Week 4 Picks Cbs Sports
You can exchange your fiat currency using a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and more!
All of these have the option to exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than others. Since it is built mainly using the ETH blockchain, any wallets that share that network will be suitable for this site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage as well as the capability to purchase cryptocurrency with a credit card. Nft Week 4 Picks Cbs Sports
To learn more about it You can go through their FAQs for the steps you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Week 4 Picks Cbs Sports
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to sell their works online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use for selling NFTs due to its no cost of gas and low commission fees that you have to pay.
You can browse and purchase an array of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in 2018. Since the system it operates on is based on a blockchain, it is safe to declare that transactions are secure and safe.
Furthermore as a seller you will be verified after you have built up your credibility. A blue checkmark is placed 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 safe.
How can I earn royalties from OpenSea?
As an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and many others to accommodate many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile application from OpenSea for both iOS or Android. Install it from their app store, and then you can begin exploring the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications about updates to 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/).