Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up all over the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s explore the possibilities of OpenSea and also see what NFTs you can view!
Before you go on, you may want to watch 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 of OpenSea.
OpenSea as an NFT Marketplace Nft Worls Class Server
The purpose of OpenSea was to simply provide a platform/marketplace for artists to upload commissions, without having to pay any additional charges. It also has additional functions that let you sell your artwork without any problems.
For the registration process, you don’t have to provide too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that without going through many hurdles as you walk 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 which is utilized to carry out the majority of processes. It also operates using the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains available it is possible to choose which one you would like to transfer your NFT to as an seller. This is to ensure the security of your NFT as well as those who would like to purchase it. All transactions are made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to an official artwork from an artist that you admire. Anyone can become a seller however, it takes some time before anyone can become an established seller.
There are a variety of NFTs of NFTs available on OpenSea and you can become a part of that! You can create your own marketplace there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy can be an NFT. The NFT is a non-fungible token that is very individual and cannot be changed. It can be an item of any rarity like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you can sell online. It is simpler to simply consider an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming the owner of the item or token that you posted to market, as you’re putting it up for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and then creating a collection to start! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use it with (e.g. blockchain and payments tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from now to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering the kind of NFTs be found here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT that you can purchase is indefinite since there’s a broad range of ways to approach it.
You could be selling digital products, trading cards games, domain names, and some physical items! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from the other options. There’s no cost for gas when you utilize this feature when you create and market NFTs. This is essentially a way to ensure that you get the most profit when you sell because you won’t need to spend on extra fees.
Not many NFT marketplaces have this feature, and it is a great way to earn a high return from your portfolio.
A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can make more money by this method.
Other NFT marketplaces don’t offer this kind of feature either and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also trade your fiat currency for cryptocurrency through these platforms. Nft Worls Class Server
You can convert your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of these have the option of exchange for ETH that is the standard crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than other. Since it is built using the ETH blockchain, all wallets that share this network are appropriate for this site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency with a credit card. Nft Worls Class Server
To learn more about it, you can check their FAQs to get an overview of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Worls Class Server
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s an excellent option for artists who want to use for selling NFTs due to its low gas fees and low commission fee rate that you have to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year of 2018. Since the system it operates on is built on blockchain technology, it is safe to say that your transactions are safe and secure.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear on your account or the collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared against other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be widely used on this site and other sites to provide more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using 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 application?
As mentioned before, there is definitely an official mobile app by OpenSea available for both iOS as well as Android. Download it at their respective app store, and then you can begin exploring the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and receive notifications on updates regarding 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/).