The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto currency. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea For Bsc
The aim to create OpenSea was to provide a platform/marketplace for artists to upload their commissions with no additional charges. It has more functions which allow you to market your art without too many difficulties.
For the registration process, you don’t have 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 simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It is also based on the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains that are available you can pick which one you want to upload your NFT on as seller. This will ensure the security of your NFT, along with those who would like to buy it. All transactions will be made along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist you admire. Anyone can sell, but it takes time before anyone can become an established one.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you can join in with this! You can create your own market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but not exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can buy can be an NFT. The NFT is a token that is non-fungible that is individual and cannot be replaced. This can be a piece of rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object you’re selling on the internet. It is simpler to simply think of an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the market place, but offering it for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and then add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and create a collection! Complete the correct and correct information regarding your NFT and choose what kind of settings you want for it (e.g., blockchain, money transfer tokens). After you’ve completed the process then you’re able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see how the transactions go from now on to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about which kind of NFT be purchased here, and what you could sell should you decide to pursue that route. The type of NFT it can be is indefinite because there’s a wide range of options for how to go about it.
You can be selling digital items, trading cards, game assets, domain names, and even physical assets! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. There are no gas costs when you use this feature when you mint and sell NFTs. This means you’ll get the most profit when you start selling because you don’t need to pay on extra fees.
There aren’t many NFT marketplaces have this feature, which is why this can be a fantastic way to make a huge profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets that offer advantages by referring your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to make more money through this action.
Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell items as you scroll through the list.
OpenSea’s mobile apps are available for both iOS as well as Android. Even though you can’t buy or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency using these platforms. OpenSea For Bsc
You can convert your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
All of these have the option of exchange for ETH, which is the primary crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, the wallets still more compatible with it than others. Since it is built mainly using the ETH blockchain, all wallets with a connection to this network are appropriate for this website.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency using a credit card. OpenSea For Bsc
To know more about it You can go through their FAQs to get a rundown of how 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:
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its type of payment.
- An 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 that all buyers on the marketplace. But overall, you can quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea For Bsc
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs due to its no cost of gas and low commission fees you must pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Since the system it operates on is based on a blockchain that is secure, you can say that your transactions are safe and secure.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned on your account or collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared against others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is widely used on this site and many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS or Android. You can download it through their app store, and then you can begin exploring the collection now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts as well as receive notifications on updates regarding 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/).