The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea and also see the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Palm Nft Platform
The aim to create OpenSea was to provide artists with a marketplace/platform to upload commissions with no additional costs. There are additional features which allow you to market your artwork without any issues.
For the registration process, you don’t have to give all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency to use within 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 with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains it is possible to choose which one you want to upload your NFT on as seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions will be made by using the 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 marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can become a seller however, it takes some time for anyone to become an established seller.
There are a variety of NFTs in the collection on OpenSea and you can become a part of this! You can create your own personal market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market, the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible token which is extremely individual and cannot be replaced. It can be a piece of rareness like mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you sell online. It is simpler to simply think of the NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you posted to the market place, but you’re offering it for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and creating a collection to start! Input the appropriate and correct information regarding your NFT and select the type of settings you want to use it with (e.g. blockchain or payment tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe how transactions progress from now to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about what kind of NFTs be found here and what you can also sell if you choose to go down that path. The type of NFT it isn’t limited since there’s a broad range of ways to approach it.
You can be selling digital items, trading cards game assets, domain names, and 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 sets OpenSea from other companies. 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 have to spend on extra fees.
Very few NFT marketplaces offer this feature, and it is a great way to receive high profit from your collection.
A Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces there are advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more cash by this method.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also convert your fiat money into cryptocurrency using these platforms. Palm Nft Platform
You can exchange the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
Each of them has the option of converting them into ETH that is the standard cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than other. Since it is built using an ETH blockchain, wallets with a connection to this network are appropriate for this website.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only, and the function to buy cryptocurrency using credit cards. Palm Nft Platform
For more information about the service to learn more, check out their FAQs to see the steps you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Palm Nft Platform
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists using the platform to market NFTs because of its zero cost of gas and the low commission rate you must pay.
You can shop and browse the vast array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year of 2018. Since the system it operates on is based on a blockchain 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 have built up your credibility. A blue checkmark will be assigned on your account or any collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How can I earn royalties from OpenSea?
As an artist, you will get only 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared with the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely used on this site as well as many others to accommodate many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before There is an official mobile app by OpenSea available for both iOS as well as Android. You can download it through their app store and begin browsing through the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications about updates to 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/).