Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and discover what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea 24 Hour Volume
The goal for OpenSea was to provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional costs. There are additional features that let you sell your art without too many problems.
For the registration process, you don’t have to give all of your personal details. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for most processes. It also operates with the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains available you can pick which one you would like to publish your NFT as an seller. This will ensure the security of your NFT as well as the people who want to purchase it. All transactions will be made by using the blockchain, and you must think about where you should 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 the simplest domain name to official art from an artist you admire. Anyone can be a seller however it takes a while for anyone to become an established seller.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you could become a part of the collection! You can start your own marketplace on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t sure exactly what it means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can buy can be an NFT. An NFT is a non-fungible currency which is extremely unique and can’t be substituted. It could be an item of any rareness like authentic baseball cards or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. It is simpler to just think of the NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the ownership of the particular item that you posted to market, as offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and then making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use for it (e.g., blockchain or money transfer tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.
It is possible to wait 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?
In this moment, you’re probably wondering which kind of NFT be found here, and what you could sell should you decide to pursue that route. The kind of NFT it is unlimited as there’s a variety of options for how to approach it.
You can be selling trade cards, digital goods, game assets, domain names, and even physical assets! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the other options. There are no gas costs for using this feature to create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t have to spend on extra fees.
Not many NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your portfolio.
The Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces that offer rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 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 This is a further advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available on both iOS in addition to Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you to exchange your fiat money for cryptocurrency using these platforms. OpenSea 24 Hour Volume
You can exchange your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option to exchange for ETH, which is the standard crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. 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 different crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency with a credit card. OpenSea 24 Hour Volume
To learn more about it, you can check their FAQs to get an overview of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps available for iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalties).
- Cannot buy or sell through our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea 24 Hour Volume
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online to receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of the year of 2018. Since its system is built on blockchain technology and is secured, it is safe to declare that transactions are secure and safe.
Additionally, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark is placed next to your account or the collection that you have uploaded to assure 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’ll be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared against other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is widely utilized on this website and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before there’s an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store and then you can begin exploring the collection now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).