The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto currency. Markets have popped up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid 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 check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Burn Address
The goal to create OpenSea was to provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional costs. It has more functions that allow you to sell your artwork without any problems.
For registration, you won’t have to worry about giving all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains that are available, you can choose which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT, along with those who wish to purchase it. All transactions are made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork by an artist you admire. Anyone can sell however it takes a while for anyone to become an established one.
There’s a huge selection of NFTs available at OpenSea and you can join in with the collection! You can start your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it is. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency that is exclusive and cannot be changed. It can be an item of any rareness like authentic baseball cards or a unique vinyl album.
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 the NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming ownership over that particular token/item you uploaded on the market place, but you’re putting it up for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and then creating a collection to start! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like for it (e.g. blockchain or payments tokens). After you’ve completed the process, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself the kind of NFTs can be purchased here, and what you could sell should you decide to pursue that route. The type of NFT it isn’t limited because there’s a wide range of ways to do it.
It is possible to sell trade cards, digital goods game assets, domain names, and some physical items! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from other companies. There are no gas costs for using this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you sell because you don’t need to pay on any additional charges.
Not many NFT marketplaces have this feature, which is why this can be a fantastic way to make a huge profit from your portfolio.
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive rewards by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can make more money by this method.
Other NFT marketplaces don’t offer the same feature This is a further advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency through these platforms. OpenSea Burn Address
You can convert the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option of converting them into ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly on the ETH blockchain, wallets which are part of that network will be suitable for the site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency using the credit card. OpenSea Burn Address
To learn more about it You can go through their FAQs for a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- It is not possible to buy or sell items via our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions OpenSea Burn Address
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs due to its low gas fees and low commission fees you must pay.
You can browse and purchase the vast array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in 2018. Since its system is built on blockchain technology that is secure, you can say that your transactions are protected and secured.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed next to your account or the collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared with the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is frequently used on this site and numerous others to cater for more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea for both iOS or Android. Download it at their respective app store and begin browsing through the collection right now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. In 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/).