Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one and is worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and let’s see the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Pretty Kitty Fursuit Nft Fur
The goal to create OpenSea was to offer a platform/marketplace for artists to upload commissions without any extra costs. There are additional features which allow you to market your artwork without any difficulties.
For 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 and without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also functions with the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains available, you can choose which one you want to transfer your NFT to as seller. This will ensure the security of your NFT as well as those who wish to purchase it. Every transaction will be conducted by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist that you admire. Anyone can become a seller, but it takes time before anyone can become an established one.
There are a variety of NFTs in the collection on OpenSea, and you can become a part of that! You can start your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in 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 the majority of young people are familiar with it , but aren’t exactly sure what it actually means. 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 token that is non-fungible which is extremely unique and can’t be substituted. It can be an item of any rarity like authentic baseball cards or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item that you can sell online. It is simpler to just imagine as an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You’re claiming ownership over that particular token/item that you posted to market, as selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and create a collection! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g. blockchain or money transfer tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
You can watch and see how the transactions go from now to determine if 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 kind of NFTs you can sell should you decide to go 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 digital products, trading cards game assets domain names, also physical goods! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the other options. There’s no cost for gas for using this feature to mint and sell NFTs. This means you’ll be able to make the highest profits once you begin selling since you don’t need to pay on extra fees.
There aren’t many NFT marketplaces provide this feature, which is why this can be a fantastic way to make a huge profit from your portfolio.
A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the sales amount, which means you can earn more money by this method.
Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell anything while you scroll through the list.
The mobile apps of OpenSea are available on both iOS and Android. Although you aren’t able to purchase or sell things, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency through these platforms. Pretty Kitty Fursuit Nft Fur
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option to exchange for ETH which is the standard cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Because it is based using the ETH blockchain, any wallets with a connection to the same network are suitable for this site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. Pretty Kitty Fursuit Nft Fur
For more information about the service to learn more, check out their FAQs to see an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Pretty Kitty Fursuit Nft Fur
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists who use it to sell NFTs because of its zero gas fees and low commission fee rate which you are required to pay.
You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded in the year of 2018. Since its system is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
Additionally as a seller you can become verified once you build up your reputation. A blue checkmark will appear 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 users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared with other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as many others to accommodate many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile app from OpenSea for both iOS or Android. Install it from their app store and begin exploring the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts and get 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/).