The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto coins. Marketplaces are popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Ycombinato
The purpose to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions, without having to pay any additional charges. It also has additional functions that let you sell your work without having to deal with many difficulties.
In terms of registration, you don’t need to give any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It also operates with the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains it is possible to choose which one you want to transfer your NFT to as seller. This will ensure the security of your NFT, along with those who would like to buy it. Every transaction will be conducted using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes a while for anyone to be an established one.
There are a variety of NFTs from the selection of NFTs available at OpenSea, and you can become a part of this! You can start your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it , but not exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is very individual and cannot be replaced. This can be an item of any rareness, such as authentic baseball cards or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you can sell online. More straightforwardly, you can just think of as an NFT being a virtual item paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming the ownership of the particular item that you posted to the market place, but offering it for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and then add it on the market.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and making a collection to begin! Input the appropriate and complete information about your NFT and then select what type of settings you want for it (e.g. blockchain or payments tokens). After you’ve completed the process, you can finally upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from here on out to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering the kind of NFTs can be purchased here and what you can sell should you decide to pursue that route. The type of NFT it isn’t limited because there’s a wide range of options for how to go about it.
It is possible to sell digital items, trading cards game assets domain names, also physical goods! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the others. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t need to spend on extra fees.
Not many NFT marketplaces provide this feature, and it can be a fantastic way to make a huge profit from your collection.
A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer benefits when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more money through this action.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
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 browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency using these platforms. OpenSea Ycombinato
You can exchange the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
All of them have the option of exchange for ETH that is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than others. Because it is based using the ETH blockchain, any wallets which are part of the same network are suitable for this site.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only, and the function to purchase cryptocurrency with the credit card. OpenSea Ycombinato
To learn more about it to learn more, check out their FAQs to get an overview of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea Ycombinato
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists using it to sell NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can browse and purchase the vast array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year of 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to claim that your transactions are protected and secured.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed next to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be quite low in comparison against the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is frequently used on this site and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier There is an official mobile application from OpenSea for both iOS or Android. Install it from their app store and begin exploring the collection now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and receive notifications on updates regarding your account while you’re on the desktop.