The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto currency. There are numerous marketplaces popping up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea as well as examining 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. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft With Coinbase
The purpose for OpenSea was to provide a platform/marketplace for artists to easily upload their commissions with no additional fees. It also has additional functions which allow you to market your work without having to deal with many difficulties.
In terms of registration, you won’t have to give all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains you can pick which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT and the people who want to purchase it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist you admire. Anyone can sell, but 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 could also be a part of the collection! You can create your own market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT” is a term that has been used in recent times “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 break down what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible currency that is unique and can’t be changed. It can be an item of rareness like authentic baseball cards, or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you sell online. It is simpler to just think of as an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and selling it. Typically, this is official after you fill in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and simply create a collection! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain and money transfer tokens). After that, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see the way transactions are handled from here on out to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering which kind of NFT you shop for here and what you can sell should you decide to pursue that route. The kind of NFT it can be is indefinite as there’s a variety of options for how to approach it.
It is possible to sell digital products, trading cards game assets domain names, also physical goods! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the others. There are zero gas fees for using this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t have to spend on additional fees.
Very few NFT marketplaces offer this feature, so this is great for you to earn a high return from your NFT collection.
The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are rewards by referring your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, letting you earn more cash through this action.
Other NFT marketplaces don’t offer this feature and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Even though you can’t buy or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency through these platforms. Nft With Coinbase
You can convert your fiat currency using a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
Each of them has the option to exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly on the ETH blockchain, all wallets which are part of this network are appropriate for this site.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency using the credit card. Nft With Coinbase
To learn more about it to learn more, check out their FAQs to see a rundown of how you can begin and what other crypto wallets are compatible 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. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties 10% to artists (low royalties).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft With Coinbase
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to sell their works online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using for selling NFTs due to its low gas fees and low commission fee rate you must pay.
You can browse and shop for the vast array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year of 2018. Since the system it operates on is built on a blockchain, it is safe to claim that your transactions are protected and secured.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will appear next to your account or collection you uploaded to reassure any customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties from OpenSea?
As an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be quite low in comparison against other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and other sites to provide more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on secure platforms that accept 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 app?
As mentioned before There is an official mobile application from OpenSea available for both iOS or Android. You can download it through their app store, and you can start exploring the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications about updates to your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).