The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, and discover 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 will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Loot
The goal for OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional costs. It has more functions which allow you to market your art without too many issues.
For the registration process, you don’t have to give all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for the majority of transactions. It also functions on the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains available you can pick which one you’d like to transfer your NFT to as an seller. This is to ensure the security of your NFT and those who wish to purchase it. All transactions are made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is 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 just a domain name to an official artwork from an artist that you admire. Anyone can be a seller, but it takes time before anyone can become a reputable one.
There’s a huge selection from the selection of NFTs available at OpenSea, and you can also be a part of this! You can set up your own marketplace here, along with finding NFTs that you would like to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t sure exactly what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy can be an NFT. An NFT is a non-fungible currency that is very individual and cannot be changed. It could be an item of any rareness, such as rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you can sell online. More straightforwardly, you can just think of the NFT as a digital item which is only paid in cryptocurrency.
Minting NFTs
Minting is similar to calling for dibs to your NFTs. You’re claiming the owner of the item or token that you have uploaded to the market place, but you’re selling it. Usually, this is recognized after you fill in the correct 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 simply create a collection! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain, payments tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
You can watch and see how the transactions go from now to see if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
In this moment you’re probably asking yourself what kind of NFTs be purchased here and what kind of NFTs you can sell should you decide to go that route. The type of NFT it is unlimited since there’s a broad range of how you can approach it.
It is possible to sell trade cards, digital goods, game assets domain names, even physical assets! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from other companies. There’s no cost for gas for using this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t have to spend on additional fees.
Not many NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your collection.
Referral Program
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are benefits by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site 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 and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. You can’t buy or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. OpenSea Loot
You can swap your fiat currency using a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
Each of them has the option of converting them into ETH that is the standard cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based on an ETH blockchain, all wallets which are part of the same network are suitable for this website.
Here’s a list several crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage and the ability to buy cryptocurrency using the credit card. OpenSea Loot
For more information about the service You can go through their FAQs to see a rundown of how you can get started and what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
Pros
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
Cons
- Allows royalties 10% to artists (low royalty rates).
- Cannot buy or sell through this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed for this marketplace.
Pricing
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea Loot
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its no cost of gas and the low commission rate you must pay.
You can shop and browse an array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded in 2018. Because its system is based on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
Additionally as a seller you will be verified after you build up your reputation. A blue checkmark will appear next to your account or the collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties on OpenSea?
As an artist, you will be paid only 10% of the royalties once you upload the NFT. This is considered to be reasonably low compared with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is commonly used on this site and other sites to provide the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before there’s an official mobile app by OpenSea for both iOS or Android. Install it from their app store and you can start exploring the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
