The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nifties Nft
The goal for OpenSea was to provide an online marketplace for artists to easily upload their commissions, without having to pay any additional costs. It has more functions which allow you to market your work without having to deal with many difficulties.
When it comes to registration, you don’t need to give all of your personal details. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also functions with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains you can pick which one you want to upload your NFT on as an seller. This will ensure the security of your NFT and those who would like to buy it. Every transaction will be conducted along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist you admire. Anyone can sell however, it takes time before anyone can become an established seller.
There are a variety of NFTs in the collection on OpenSea, and you can also be a part of that! You can set up your own market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement 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 have heard of it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy includes an NFT. A NFT is a token that is non-fungible which is extremely unique and can’t be substituted. It can be an item of rareness, such as mint-condition baseball trading cards or rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object that you sell online. It is simpler to just imagine as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You’re claiming the ownership of the particular item that you have uploaded to the market place, but you’re putting it up for sale. Typically, this is official after you fill in the correct information about the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by going to 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 for it (e.g., blockchain, money transfer tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.
You can watch and see how the transactions go from here on out to see whether OpenSea is the best marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering which kind of NFT be purchased here and what you can sell should you decide to go that route. The type of NFT it is unlimited as there’s a variety of ways to approach it.
You can be selling trade cards, digital goods games, domain names, and even physical assets! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from other companies. There are zero gas fees when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you don’t need to pay on additional fees.
Very few NFT marketplaces have this feature, which is why this can be a fantastic way to earn a high return from your collection.
A Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which allows you to make more money from this act.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available on both iOS as well as Android. Although you aren’t able to purchase or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use to convert your fiat money into cryptocurrency through these platforms. Nifties Nft
You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option of exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based around the ETH blockchain, any wallets that share the same network are suitable for the site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage and the ability to purchase cryptocurrency with credit cards. Nifties Nft
For more information about the service to learn more, check out their FAQs to get the steps you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all 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:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions 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 Nifties Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online and receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its no gas costs and the low commission rate which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace and you must go through it!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year 2018. Because its system is based on a blockchain that is secure, you can say that your transactions are secure and safe.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed to your account or collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure that users are safe.
How can I earn royalties on OpenSea?
As an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared with the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be widely used on this site as well as many others to accommodate more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile application from OpenSea available for both iOS as well as 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 can manage multiple accounts as well as receive 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/).