Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto currency. Marketplaces are popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Ipo
The goal to create OpenSea was to provide a platform/marketplace for artists to easily upload their commissions with no additional fees. There are additional features that allow you to sell your work without having to deal with many issues.
For the registration process, you don’t have to worry about giving too many details about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It is also based on the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains that are available it is possible to choose which one you would like to upload your NFT on as seller. This will ensure the security of your NFT, along with the people who want to buy it. All transactions will be made by using the blockchain, and you must 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 exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art by an artist you admire. Anyone can sell however it takes time for anyone to become an established seller.
There’s a huge selection from the selection of NFTs available at OpenSea and you can join in with this! You can create your own personal market there, and also find NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of 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 cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible currency that is very individual and cannot be replaced. It could be an item of any rareness like authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible object that you sell online. More straightforwardly, you can simply imagine the NFT to be a type of digital item which is only paid in cryptocurrency.
Minting NFTs
Minting is similar to calling for dibs for your personal NFTs. You’re claiming ownership over that particular token/item you uploaded on the marketplace, and you’re selling it. Typically, this is official once you fill out the proper information regarding the NFT and submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then making a collection to begin! Complete the correct and complete information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain and payment tokens). Once that’s all done, you can finally upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see the way transactions are handled from now on to determine if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
So, at this point, you’re probably wondering what kind of NFTs can you shop for here, and what you could sell should you decide to go down that path. The kind of NFT that you can purchase is unlimited as there’s a variety of how you can approach it.
It is possible to sell trade cards, digital goods, game assets domain names, also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the others. There are zero gas fees when you utilize this feature to create and market NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces have this feature, which is why this is a great way to receive high profit from your portfolio.
Referral Program
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you make more money by this method.
Other NFT marketplaces don’t offer the same feature This is a further advantage OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available on both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can convert your fiat money into cryptocurrency on these platforms. OpenSea Ipo
You can convert your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
Each of them has the option of exchange for ETH which is the standard cryptocurrency payment option in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built on an ETH blockchain, all wallets with a connection to the same network are suitable for the site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency using credit cards. OpenSea Ipo
For more information about the service You can go through their FAQs to get an overview of how you can get started and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
Pros
- Mobile apps are available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
Cons
- Allows royalties of only 10% for artists (low royalties).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to access this marketplace.
Pricing
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions OpenSea Ipo
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance 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 because of its zero gas costs and low commission fee rate which you are required to pay.
You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception in 2018. Since the system it operates on is built on blockchain technology, it is safe to claim that your transactions are safe and secure.
Furthermore as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear on your account or the collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison to other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be widely used on this site and numerous others to cater for more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and 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 app?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS and Android. You can download it through their app store and begin browsing through the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications about updates to 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/).
