Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto coins. Markets have popped up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re familiar with 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 among cryptocurrency users because of its security and quick transactions.
So, hop on board and discover 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 review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Rent A Rib
The purpose for OpenSea was to simply provide an online marketplace for artists to easily upload their commissions with no additional charges. It also has additional functions which allow you to market your work without having to deal with many issues.
When it comes to registration, you won’t have to worry about giving any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for most processes. It also operates on the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains it is possible to choose which one you would like to upload your NFT on as a seller. This ensures the safety of your NFT, along with those who wish to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist you admire. Anyone can become a seller however it takes time for anyone to become an established seller.
There are a variety of NFTs from the selection at OpenSea and you could become a part of that! You can set up your own market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around for so long on internet that many millennials have heard of it but not exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token which is extremely unique and can’t be replaced. It can be an item of any rarity like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you can sell on the internet. It is simpler to just think of an NFT being a virtual collectible 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 have uploaded to the marketplace, and you’re selling it. Typically, this is official after you fill in the correct information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and then create a collection! Input the appropriate and complete information about your NFT and select the type of settings you want for it (e.g., blockchain and money transfer tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see how the transactions go from now to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself what kind of NFTs can be purchased here and what kind of NFTs you can also sell if you choose to go down that path. The kind of NFT that you can purchase is unlimited because there’s a wide range of ways to go about it.
It is possible to sell trade cards, digital goods games, domain names, and even physical assets! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets 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 extra fees.
There aren’t many NFT marketplaces have this feature, so this is a great way to receive high profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can make more money by this method.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps of OpenSea are available on both iOS in addition to Android. While you’re not able to buy or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also convert your fiat money into cryptocurrency through these platforms. OpenSea Rent A Rib
You can convert the fiat currency you have with a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
Each of them has the option of converting them into ETH that is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based using an ETH blockchain, all wallets that share that network will be suitable for this website.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage, and the function to purchase cryptocurrency with a credit card. OpenSea Rent A Rib
For more information about the service, you can check their FAQs to see the steps you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- Cannot buy or sell through the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea Rent A Rib
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists who use for selling NFTs due to its no gas fees and the low commission rate you must pay.
You can browse and purchase the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in 2018. Since its system is built on blockchain technology and is secured, it is safe to claim that your transactions are protected and secured.
Additionally, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned on your account or any collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is widely used on this site as well as many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier There is an official mobile application from OpenSea that is available for iOS and Android. You can download it through their app store and then you can begin exploring the collection now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and receive notifications on updates regarding 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/).