The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto currency. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea To Binance
The purpose to create OpenSea was to offer an online marketplace for artists to easily upload their commissions without any extra fees. There are additional features which allow you to market your work without having to deal with many issues.
In terms of registration, you won’t have to provide too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It also functions on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains available you can pick which one you’d like to upload your NFT on as an seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions are made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist you admire. Anyone can be a seller, but it takes time for anyone to be an established one.
There is a wide variety from the selection on OpenSea, and you can join in with the collection! You can create your own market there, and also find NFTs that you would like to purchase 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 so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy is an NFT. An NFT is a token that is non-fungible that is very exclusive and cannot be replaced. It could be an item of rarity like mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible object that you sell online. It is simpler to just consider an NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the market place, but offering it for sale. Typically, this is official when you have filled in the proper information regarding the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and simply making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you want for it (e.g., blockchain and money transfer tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from now to see whether 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 found here, and what you could sell should you decide to go down that path. The kind of NFT it is indefinite because there’s a wide range of ways to do it.
It is possible to sell trade cards, digital goods games, domain names, and some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the others. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t need to spend on extra fees.
Very few NFT marketplaces provide this feature, and it is a great way to earn a high return from your portfolio.
This Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer advantages by referring your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t offer the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for both iOS in addition to Android. Although you aren’t able to purchase or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also convert your fiat money into cryptocurrency on these platforms. OpenSea To Binance
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option of exchange for ETH that is the standard cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than others. Since it is built on an ETH blockchain, all wallets that share that network will be suitable for the site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency using the credit card. OpenSea To Binance
To learn more about it, you can check their FAQs for a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty).
- It is not possible to buy or sell items via the mobile app.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions OpenSea To Binance
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to market their work online to receive cryptocurrency as their form of payment. It’s an excellent platform for artists using for selling NFTs due to its low gas fees and low commission fees which you are required to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea real and safe?
Answer: Yes! OpenSea is a reputable marketplace since it was founded in the year of 2018. Because its system is built on a blockchain, it is safe to declare that transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will appear on your account or any collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared to other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site and many others to accommodate many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before, there is definitely an official mobile app from OpenSea for both iOS or Android. Download it at their respective app store and then you can begin browsing through the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts as well as 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/).