Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re well-versed in 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 for cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Photography Nft
The aim to create OpenSea was to offer an online marketplace for artists to easily upload their commissions without any extra fees. It also has additional functions that let you sell your art without too many issues.
In terms of 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 on OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It is also based on the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains that are available you can pick which one you would like to transfer your NFT to as an seller. This ensures the safety of your NFT as well as the people who want to buy it. All transactions will be made by using the blockchain, which is why you need to consider where to 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 just a domain name, to a piece of art by an artist you admire. Anyone can sell however, it takes time for anyone to become an established one.
There is a wide variety in the collection of NFTs available at OpenSea and you can join in with the collection! You can create your own market on this site, as well as find NFTs that you would like to purchase 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 so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible token which is extremely exclusive and cannot be substituted. It could be an item of rareness like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible object you’re selling online. More straightforwardly, you can just think of the NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. You’re claiming the ownership of the particular item that you posted to the market place, but you’re selling it. Usually, this is recognized when you have filled in the proper information regarding the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and create a collection! Complete the correct and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g., blockchain, payment tokens). After that you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see how transactions progress from now to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about what kind of NFTs can be purchased here, and what you could sell should you decide to pursue that route. The type of NFT it isn’t limited since there’s a broad range of options for how to approach it.
You can be selling trade cards, digital goods game assets domain names, some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from other companies. There are no gas costs for using this feature to create and market NFTs. This is essentially a way to ensure that you get the most profit when you sell because you won’t need to spend on additional fees.
Not many NFT marketplaces provide this feature, so this can be a fantastic way to make a huge profit from your collection.
This Referral Program is another unique aspect of OpenSea to be admired. 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 be rewarded with 2.50 percent of the purchase amount, letting you earn more cash by this method.
Other NFT marketplaces do not have this kind of feature either and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of 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 while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you You can also convert your fiat money into cryptocurrency through these platforms. Photography Nft
You can swap your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option to exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly on an ETH blockchain, all wallets with a connection to the same network are suitable for this website.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. Photography Nft
For more information about the service, you can check their FAQs to get a rundown of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons 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.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Photography Nft
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 their form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its low gas fees and low commission fee rate you must pay.
You can shop and browse the vast array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year of 2018. Since the system it operates on is built on blockchain technology, it is safe to say that your transactions are protected and secured.
Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed on your account or the collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is believed to be reasonably low compared against other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been commonly used on this site and numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned there’s an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store, and begin browsing through the collection right now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive alerts on any updates that affect your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).