Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth a look.
If you’re interested in crypto you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea and also see the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nftz
The purpose to create OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions without any extra charges. It also has additional functions that allow you to sell your art without too many difficulties.
In terms of the registration process, you don’t have to give too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also functions with the Polygon blockchain, which allows for the lowest cost and speediest 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 ensures the safety of your NFT, along with those who would like to buy it. All transactions are made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can be a seller however, it takes some time for anyone to become an established seller.
There is a wide variety of NFTs available on OpenSea, and you can also be a part of this! You can set up your own personal market on this site, as well as find NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto industry the term “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy is an NFT. The NFT is a non-fungible token that is exclusive and cannot be replaced. It could be an item of any rareness like rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. More straightforwardly, you can simply imagine the NFT to be a type of digital item which is only paid in cryptocurrency.
Minting NFTs
Minting is similar to calling for dibs to your NFTs. You’re claiming ownership over that particular token/item that you posted to market, as you’re putting it up for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and creating a collection to start! Fill out the proper and accurate information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain or payment tokens). Once that’s all done, you can finally upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from now on to see if OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT be found here and what you can also sell if you choose to pursue that route. The kind of NFT that you can purchase isn’t limited as there’s a variety of how you can approach it.
You can be selling trade cards, digital goods, game assets, domain names, and even physical assets! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from other companies. There are no gas costs when you use this feature to make and then sell the NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t need to spend on additional fees.
Not many NFT marketplaces have this feature, which is why this is a great way to receive high profit from your NFT collection.
Referral Program
A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer benefits when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, which means you can make more money from this act.
Other NFT marketplaces do not have this kind of feature either This is a further benefit 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 used for perusing through the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency using these platforms. Nftz
You can convert the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and many more!
Each of them has the option of converting them into ETH that is the standard cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than others. Because it is based around an ETH blockchain, any wallets which are part of the same network are suitable for this site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: 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 buy cryptocurrency using the credit card. Nftz
To know more about it You can go through their FAQs for a rundown of how you can start and what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other 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:
Pros
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
Cons
- Allows royalties of only up to 10% for artists (low royalty rates).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed for this marketplace.
Pricing
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nftz
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online to receive cryptocurrency as a method of payment. It’s an ideal platform for artists who use the platform to market NFTs because of its zero cost of gas and the low commission rate that you have to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace and you must go through it!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year of 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are protected and secured.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed on your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared to others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before, there is definitely an official mobile app by OpenSea that is available for iOS as well as Android. Install it from their app store and then you can begin exploring the collection now!
A desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and 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/).
