Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up across the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s see what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea In Chinese Language
The goal to create OpenSea was to provide artists with a marketplace/platform to upload commissions, without having to pay any additional costs. It has more functions that let you sell your art without too many issues.
In terms of registration, you won’t have 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 used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It is also based on the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains that are available it is possible to choose which one you would like to upload your NFT on as a seller. This ensures the safety of your NFT and those who wish to buy it. All transactions will be made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist you admire. Anyone can be a seller, but it takes a while for anyone to become an established seller.
There’s a huge selection in the collection on OpenSea and you could also be a part of the collection! You can set up your own market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry the term “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can buy includes an NFT. An NFT is a token that is non-fungible that is individual and cannot be replaced. It can be a piece of rareness, such as mint-condition baseball trading cards or rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell online. In simpler terms, you could just think of as an NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. It is a way of claiming ownership over that particular token/item that you posted to market, as offering it for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and creating a collection to start! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain or payments tokens). After that, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see the way transactions are handled from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself which kind of NFT can be purchased here and what kind of NFTs you can sell should you decide to pursue that route. The type of NFT it is unlimited because there’s a wide range of how you can do it.
It is possible to sell digital products, trading cards game assets domain names, some physical items! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the other options. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t need to spend on any additional charges.
Very few NFT marketplaces provide this feature, which is why 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 encourage a friend join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more cash through this action.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS as well as Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal to trade your fiat currency for cryptocurrency using these platforms. OpenSea In Chinese Language
You can exchange the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
All of these have the option to exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built mainly using an ETH blockchain, any wallets with a connection to that network will be suitable for this site.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with credit cards. OpenSea In Chinese Language
To learn more about it You can go through their FAQs for the steps you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces 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 pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea In Chinese Language
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online and receive cryptocurrency as a form of payment. It’s a great option for artists who want to use for selling NFTs due to its no cost of gas and low commission fee rate which you are required to pay.
You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and safe?
Answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year 2018. Since the system it operates on is built on a blockchain, it is safe to say that your transactions are protected and secured.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed on your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure that users are secure.
How can I earn royalties on OpenSea?
As an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be quite low in comparison against the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is widely used on this site as well as other sites to provide many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you need 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 app by OpenSea available for both iOS as well as Android. Install it from their app store, and then you can begin exploring the collection right now!
A desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications about updates to your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).