The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto currency. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s explore the possibilities of 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 OpenSea 777
The goal for OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional charges. It also has additional functions that let you sell your work without having to deal with many issues.
In terms of registration, you don’t need to provide too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple 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 which is utilized for most processes. It is also based using the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains it is possible to choose which one you’d like to publish your NFT as an seller. This is to ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to official art by an artist you admire. Anyone can become a seller however, it takes some time before anyone can become a reputable one.
There is a wide variety in the collection at OpenSea, and you can also be a part of the collection! You can create your own personal market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around for so long on the internet that many millennials are familiar with it , but not exactly sure what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. A NFT is a token that is non-fungible that is exclusive and cannot be replaced. It can be an item of any rareness like mint-condition baseball trading cards or rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item you’re selling online. More straightforwardly, you can just imagine the NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming the owner of the item or token that you posted to market, as offering it for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and then creating a collection to start! Fill out the proper and accurate information about your NFT and then select what type of settings you want for it (e.g. blockchain, money transfer tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how transactions progress from here on out to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about which kind of NFT you shop for here and what you can sell should you decide to go down that path. The type of NFT it is indefinite as there’s a variety of how you can approach it.
It is possible to sell digital products, trading cards, game assets domain names, even physical assets! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the other options. There are no gas costs for using this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t need to spend on extra fees.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to receive high profit from your collection.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer rewards by referring a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, letting you earn more money through this action.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. OpenSea 777
You can swap your fiat currency using a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
Each of them has the option to exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based around an ETH blockchain, wallets with a connection to that network will be suitable for this site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency using the credit card. OpenSea 777
To know more about it You can go through their FAQs to get a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are a seller, 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 is no additional fee for it.
Frequently Asked Questions OpenSea 777
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists using it to sell NFTs due to its no cost of gas and low commission fees which you are required to pay.
You can browse and shop for an array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of 2018. Since its system is built on a blockchain that is secure, you can declare that transactions are protected and secured.
Furthermore as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned next to your account or collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties on OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is believed to be reasonably low compared to the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been frequently used on this site and many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As mentioned before, there is definitely an official mobile app by OpenSea that is available for iOS or Android. You can download it through their app store and then you can begin browsing through the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).