The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.
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 for cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and let’s see what you can do with 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Kyc
The goal of OpenSea was to provide a platform/marketplace for artists to upload commissions, without having to pay any additional costs. There are additional features that let you sell your work without having to deal with many problems.
In terms of registration, you don’t need to give too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It also operates using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains that are available it is possible to choose which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT as well as those who wish to purchase it. All transactions are made using this blockchain, and you must 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 NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist you admire. Anyone can sell, but it takes some time before anyone can become an established seller.
There is a wide variety in the collection of NFTs available at OpenSea and you can become a part of that! You can set up your own market there, and also find NFTs that you would like 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 the internet that many millennials have heard of it but not exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy includes an NFT. The NFT is a token that is non-fungible which is extremely individual and cannot be changed. It can be an item of any rarity like mint-condition baseball trading cards, or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible object that you sell on the internet. In simpler terms, you could simply imagine an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling dibs on your own NFTs. You are calling the owner of the item or token that you have uploaded to market, as you’re selling it. Typically, this is official after you fill in all the necessary information about the NFT and submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain and payments tokens). After that then you’re able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to determine if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
So, at this point you’re probably asking yourself what kind of NFTs can be found here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT it can be is unlimited as there’s a variety of options for how to approach it.
You can be selling digital products, trading cards games, domain names, and some physical items! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from other companies. There are zero gas fees when you use this feature to create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces provide this feature, and it can be a fantastic way to earn a high return from your collection.
Referral Program
This Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which means you can earn more money through this action.
Other NFT marketplaces don’t have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available for both iOS as well as Android. While you’re not able to buy or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency through these platforms. OpenSea Kyc
You can exchange your fiat currency using a credit card or Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and more!
All of these have the option of exchange for ETH that is the most common crypto payment in OpenSea.
Crypto Wallets
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly on an ETH blockchain, any wallets which are part of the same network are suitable for this site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only, and the function to purchase cryptocurrency with credit cards. OpenSea Kyc
To know more about it, you can check their FAQs for a rundown of how you can begin and which other wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
Pros
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
Cons
- Allows royalties of only 10% for artists (low royalty rates).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- A Crypto wallet is required to use this marketplace.
Pricing
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions OpenSea Kyc
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists using the platform to market NFTs because of its zero gas costs and the low commission rate that you have to pay.
You can shop and browse the vast array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established in the year of 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are protected and secured.
Furthermore as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared against the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is widely used on this site as well as many others to accommodate many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before, there is definitely an official mobile app by OpenSea that is available for iOS as well as Android. Install it from their app store, and then you can begin exploring the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
