The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto currency. Markets have popped up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re interested in crypto, you’ve probably heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and let’s explore what you can do with OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nftx Etf
The purpose for OpenSea was to offer an online marketplace for artists to easily upload their commissions without any extra charges. There are additional features that allow you to sell your artwork without any issues.
When it comes to the registration process, you don’t have to give any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains it is possible to choose which one you want to transfer your NFT to as a seller. This ensures the safety of your NFT, along with the people who want to purchase it. Every transaction will be conducted by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist that you admire. Anyone can become a seller, but it takes time for anyone to be an established seller.
There are a variety of NFTs from the selection on OpenSea and you can join in with this! You can start your own market on this site, as well as find NFTs that you would like to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the cryptocurrency industry”NFT,” a popular term in the crypto industry “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 actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. It could be an item of any rareness, such as mint-condition baseball trading cards or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you sell online. More straightforwardly, you can simply consider an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling the shots to your NFTs. You are calling ownership over that particular token/item that you posted to the market place, but you’re offering it for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and simply create a collection! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use for it (e.g. blockchain, payment tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from now on to determine whether OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
In this moment you’re probably asking yourself which kind of NFT can be purchased here and what you can also sell if you decide to pursue that route. The kind of NFT it is unlimited as there’s a variety of options for how to go about it.
It is possible to sell trade cards, digital goods, game assets, domain names, and some physical items! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the others. There are no gas costs for using this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since 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 collection.
Referral Program
The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the sales amount, which allows you to earn more cash by this method.
Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS as well as Android. Even though you can’t buy or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. Nftx Etf
You can swap your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and other things!
All of them have the option of converting them into ETH which is the standard cryptocurrency payment option in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly on the ETH blockchain, all wallets which are part of the same network are suitable for this site.
Here’s a list different crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. Nftx Etf
To learn more about it to learn more, check out their FAQs to get the steps you can start and what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
Pros
- Available as mobile apps that are compatible with 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.
Cons
- Allows royalty rates of 10% to artists (low royalty rates).
- You cannot buy or sell products on the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed for this marketplace.
Pricing
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nftx Etf
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists who use it to sell NFTs because of its zero gas costs and the low commission rate that you have to pay.
You can shop and browse the vast array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established in 2018. Since its system is based on a blockchain, it is safe to declare that transactions are safe and secure.
Additionally as a seller you can become verified once you build up your reputation. A blue checkmark will appear to your account or any collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is considered 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 numerous others to cater for more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app from OpenSea for both iOS as well as Android. Install it from their app store and then you can begin browsing through the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and get 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/).
