The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto coins. Markets have popped up across the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the largest 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 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Mirandus
The purpose to create OpenSea was to simply provide artists with a marketplace/platform to upload their commissions without any extra costs. There are additional features which allow you to market your art without too many problems.
In terms of the registration process, you don’t have to worry about giving too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains, you can choose which one you want to upload your NFT on as seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions will be made using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist you admire. Anyone can sell however it takes some time for anyone to become an established one.
There’s a huge selection of NFTs available on OpenSea, and you can become a part of that! You can create your own market there, and also find NFTs you want to purchase for yourself.
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 are familiar with it , but aren’t exactly sure what it 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 includes an NFT. A NFT is a token that is non-fungible that is very individual and cannot be changed. It can be an item of rarity like rare baseball trading cards in mint condition or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. It is simpler to simply consider as an NFT as a digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you posted to the marketplace, and selling it. Usually, this is recognized once you fill out the proper information regarding the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and then making a collection to begin! Fill out the proper and accurate information about your NFT and then select what type of settings you want for it (e.g. blockchain, money transfer tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.
You can watch and see how transactions progress from now to determine if OpenSea is the marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering which kind of NFT be found here, and what you could also sell if you choose to go that route. The type of NFT it is unlimited because there’s a wide range of ways to go about it.
You could be selling trade cards, digital goods, game assets, domain names, and even physical assets! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the others. There’s no cost for gas for using this feature to mint and sell NFTs. This means you’ll get the most profit when you sell because you don’t need to pay 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.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t have the same feature This is a further advantage OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Even though you can’t buy or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency using these platforms. OpenSea Mirandus
You can convert your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
All of them have the option to exchange for ETH which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than others. Since it is built mainly on the ETH blockchain, all wallets with a connection to that network will be suitable for the site.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency using the credit card. OpenSea Mirandus
To know more about it You can go through their FAQs to get an overview of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Available as mobile apps for iOS and 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 world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- Cannot buy or sell on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions OpenSea Mirandus
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online to receive cryptocurrency as their form of payment. It’s a great option for artists who want to use for selling NFTs due to its no gas fees and the low commission rate which you are required to pay.
You can browse and purchase an array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea real and secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Because its system is built on a blockchain, it is safe to claim that your transactions are protected and secured.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed to your account or any collection you uploaded to reassure any customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is believed to be reasonably low compared against others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be frequently 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:
These are the primary cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea available for both iOS or Android. You can download it through their app store and begin browsing through the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and 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/).