The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto-coins. Markets have popped up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and discover 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 Nfts
The purpose of OpenSea was to provide a platform/marketplace for artists to easily upload their commissions with no additional costs. There are additional features that let you sell your artwork without any difficulties.
For the registration process, you don’t have to worry about giving too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for most processes. It is also based with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains available, you can choose which one you would like to upload your NFT on as a seller. This is to ensure the security of your NFT as well as those who would like to buy it. All transactions will be made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist you admire. Anyone can be a seller however, it takes time before anyone can become an established seller.
There is a wide variety from the selection of NFTs available at OpenSea, and you can become a part of the collection! You can create your own market on this site, as well as find NFTs you’d like to buy for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but not exactly sure what it is. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible token that is very unique and can’t be substituted. This can be an item of rarity like mint-condition baseball trading cards or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you can sell online. It is simpler to just consider as an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the owner of the item or token you uploaded on market, as you’re selling it. Typically, this is official after you fill in the proper information regarding the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g. blockchain or payments tokens). After that then you’re able to upload it, if it’s within the limit of 100MB.
You can wait and observe 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 find here?
At this point, you’re probably wondering what kind of NFTs can you shop for here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it can be is unlimited as there’s a variety of how you can approach it.
You could be selling trade cards, digital goods games domain names, even physical assets! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from other companies. There are no gas costs for using this feature to mint and sell 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 provide this feature, and it can be a fantastic way to earn a high return from your portfolio.
Referral Program
A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets, you can receive benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which means you can make more money from this act.
Other NFT marketplaces don’t have this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for both iOS as well as Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also convert your fiat money into cryptocurrency through these platforms. Nfts
You can convert your fiat currency using a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
Each of them has the option of exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than others. Because it is based on an ETH blockchain, wallets with a connection to that network will be suitable for the site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- 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, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. Nfts
To know more about it, you can check their FAQs to see an overview of how you can start and which other wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
Pros
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
Cons
- Allows royalties up to 10% for artists (low royalties).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed to access this marketplace.
Pricing
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nfts
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists using the platform to market NFTs due to its low gas fees and the low commission rate you must pay.
You can browse and purchase the vast array of digital products on this NFT marketplace and you must go through it!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of 2018. Because its system is built on blockchain technology that is secure, you can say that your transactions are safe and secure.
Furthermore as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned to your account or the collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison to the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and many others to accommodate many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier there’s an official mobile app by OpenSea that is available for iOS as well as Android. Download it at their respective app store and you can start exploring the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to 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/).
