Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto currency. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and discover 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’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Net Worth
The purpose of OpenSea was to offer artists with a marketplace/platform to easily upload their commissions with no additional charges. It also has additional functions that let you sell your artwork without any problems.
When it comes to the registration process, you don’t have to worry about giving too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also functions on the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains, you can choose which one you would like to upload your NFT on as a seller. This is to ensure the security of your NFT, along with those who wish to purchase it. Every transaction will be conducted by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to official art by an artist you admire. Anyone can sell however, it takes time before anyone can become a reputable one.
There is a wide variety from the selection on OpenSea and you can also be a part of the collection! You can start your own personal market here, along with finding NFTs that you would like to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible currency which is extremely individual and cannot be changed. This can be a piece of rarity like rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you can sell online. More straightforwardly, you can simply imagine an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to the market place, but you’re selling it. Typically, this is official once you fill out all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and create a collection! Complete the correct and correct information regarding your NFT and then select what type of settings you want for it (e.g. blockchain or money transfer tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from now to see whether OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
So, at this point you’re probably thinking about which kind of NFT can be found here and what you can also sell if you choose to go down that path. The type of NFT it is unlimited because there’s a wide range of options for how to go about it.
It is possible to sell digital products, trading cards games domain names, some physical items! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the others. There are no gas costs for using this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t have to spend on additional fees.
Not many NFT marketplaces offer this feature, so this is a great way to earn a high return from your NFT collection.
Referral Program
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more cash from this act.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on both iOS as well as Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also convert your fiat money into cryptocurrency through these platforms. OpenSea Net Worth
You can swap your fiat money via credit card or Paypal on these reliable websites 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 payment option in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than others. Since it is built mainly using an ETH blockchain, wallets which are part of this network are appropriate for this website.
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 seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency with credit cards. OpenSea Net Worth
For more information about the service, you can check their FAQs to get 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 comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
Pros
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
Cons
- Allows royalty rates of 10% to artists (low royalty).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to use this marketplace.
Pricing
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions OpenSea Net Worth
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online, and to accept cryptocurrency as a method of payment. It’s a great option for artists who want to use it to sell NFTs due to its no gas costs and low commission fees you must pay.
You can shop and browse a vast collection of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded in the year of 2018. Because its system is based on a blockchain, it is safe to say that your transactions are secure and safe.
Additionally, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will appear next to your account or the collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content 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 have uploaded the NFT. This is believed to be a reasonable amount compared against other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and many others to accommodate more crypto users. These are other cryptos you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can utilize for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier There is an official mobile app by OpenSea for both iOS and Android. Download it at their respective app store, and begin exploring the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect 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/).
