The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto coins. Marketplaces are popping up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and discover what you can do with OpenSea and also see the NFTs available to view!
Before you continue, you may want to check out 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 Referral Bounty
The goal to create OpenSea was to offer artists with a marketplace/platform to upload commissions with no additional fees. It has more functions that let you sell your artwork without any issues.
For registration, you won’t have to provide too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
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 and is used for the majority of transactions. It also functions on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains that are available you can pick which one you want to publish your NFT as seller. This is to ensure the security of your NFT, along with those who wish to purchase it. Every transaction will be conducted along with this blockchain, so you should 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 just a domain name to official art by an artist you admire. Anyone can be a seller, but it takes some time before anyone can become an established seller.
There’s a huge selection of NFTs available at OpenSea, and you can become a part of the collection! You can start your own personal market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t sure exactly 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 unique and can’t be changed. It can be an item of rareness, such as mint-condition baseball trading cards or rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object that you can sell online. In simpler terms, you could just think of an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the owner of the item or token that you posted to the market place, but offering it for sale. Usually, this is recognized once you fill out the correct information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by visiting 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 for it (e.g., blockchain, payment tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how transactions progress from here on out to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself what kind of NFTs can you shop for here and what you can also sell if you choose to pursue that route. The type of NFT it can be is indefinite as there’s a variety of ways to approach it.
You could be selling digital items, trading cards game assets, domain names, and 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 sets OpenSea from the other options. There are zero gas fees when you utilize this feature to mint and sell NFTs. This means you’ll receive the maximum profits when you sell because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces offer this feature, and it can be a fantastic way to earn a high return from your collection.
A Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you earn more cash from this act.
Other NFT marketplaces don’t offer the same feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. You can’t buy or sell items as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use, and you can convert your fiat money into cryptocurrency using these platforms. OpenSea Referral Bounty
You can exchange your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option of exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based on an ETH blockchain, any wallets which are part of that network will be suitable for the site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency using credit cards. OpenSea Referral Bounty
To know more about it, you can check their FAQs to see an overview of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has 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 that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea Referral Bounty
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online and receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs because of its zero gas fees and the low commission rate which you are required to pay.
You can browse and shop for an array of digital items on the NFT marketplace and you must go through it!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a trusted marketplace since its inception in 2018. Since its system is built on blockchain technology and is secured, it is safe to claim that your transactions are secure and safe.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed next to your account or the collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared with other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and other sites to provide more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before There is an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store and begin exploring the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and receive 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/).