Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto currency. Marketplaces are popping up all over the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re interested in crypto, you’ve probably heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
So, hop 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 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 of OpenSea.
OpenSea as an NFT Marketplace Project OpenSea
The goal of OpenSea was to simply provide artists with a marketplace/platform to upload commissions without any extra costs. It also has additional functions which allow you to market your art without too many issues.
For registration, you don’t need to provide all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also functions using the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains that are available, you can choose which one you would like to transfer your NFT to as a seller. This ensures the safety of your NFT as well as the people who want to buy it. Every transaction will be conducted along with this blockchain, so you should 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 the simplest domain name, to a piece of art from an artist that you admire. Anyone can sell, but it takes time for anyone to be a reputable one.
There’s a huge selection in the collection on OpenSea, and you can also be a part of this! You can set up your own marketplace here, along with finding NFTs you’d like to buy for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can buy is an NFT. An NFT is a non-fungible currency that is very unique and can’t be substituted. This can be an item of any rarity like mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. It is simpler to simply consider as an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling the shots on your own NFTs. You’re claiming ownership over that particular token/item that you posted to the market place, but selling it. Usually, this is recognized after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and create a collection! Fill out the proper and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain, payment tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how transactions progress from here on out to determine if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
In this moment you’re probably asking yourself the kind of NFTs can be found here and what you can also sell if you choose to pursue that route. The kind of NFT it isn’t limited since there’s a broad range of ways to approach it.
It is possible to sell trade cards, digital goods games, domain names, and even physical assets! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the others. There are zero gas fees for using this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on extra fees.
Very few NFT marketplaces offer this feature, and it is great for you to receive high profit from your NFT collection.
Referral Program
The Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces, you can receive rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can earn more money by this method.
Other NFT marketplaces do not have this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Even though you can’t buy or sell things, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you to exchange your fiat money for cryptocurrency using these platforms. Project OpenSea
You can swap your fiat currency using a credit card or Paypal via these reputable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
All of them have the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
Crypto Wallets
Although OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than others. Since it is built mainly around an ETH blockchain, all wallets that share this network are appropriate for this site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage, and the function to buy cryptocurrency using credit cards. Project OpenSea
To learn more about it You can go through their FAQs for the steps you can get started and also what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
Pros
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
Cons
- Allows royalties of only 10% to artists (low royalty rates).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a type of payment.
- A Crypto account is needed to access this marketplace.
Pricing
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Project OpenSea
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to market their work online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use it to sell NFTs due to its no gas fees and the low commission rate you must pay.
You can browse and shop for the vast array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea is a reputable marketplace since its inception at the end of 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
In addition as a seller you can become verified once you have built up your credibility. A blue checkmark will appear to your account or collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison with others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as many others to accommodate more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier There is an official mobile app by OpenSea that is available for iOS or Android. Install it from their app store, and you can start exploring the collection now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
