The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto currency. Markets have popped up across the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea and also see 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. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Punk Nft
The goal of OpenSea was to provide a platform/marketplace for artists to easily upload their commissions without any extra charges. It also has additional functions that let you sell your work without having to deal with many problems.
When it comes to registration, you won’t have to provide too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The 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 is also based on the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains that are available you can pick which one you’d like to upload your NFT on as an seller. This is to ensure the security of your NFT and those who wish to purchase it. All transactions will be made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can sell, but it takes some time for anyone to become an established one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you could also be a part of the collection! You can start your own personal market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around 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 any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency that is very exclusive and cannot be changed. This can be a piece of rarity like mint-condition baseball trading cards or rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can simply consider the NFT being a virtual item paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You’re claiming ownership over that particular token/item you uploaded on market, as you’re selling it. Usually, this becomes official after you fill in the proper information regarding the NFT and submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and simply create a collection! Complete the correct and correct information regarding your NFT and then select what type of settings you want for it (e.g. blockchain and money transfer tokens). After you’ve completed the process 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 on to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself what kind of NFTs can be found here and what you can also sell if you decide to go down that path. The kind of NFT it can be isn’t limited because there’s a wide range of options for how to do it.
You could be selling digital products, trading cards games, domain names, and also physical goods! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from other companies. There are no gas costs when you utilize this feature when you create and market 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.
Not many NFT marketplaces offer this feature, which is why this can be a fantastic way to earn a high return from your collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more cash from this act.
Other NFT marketplaces don’t have this feature This is a further advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything as you scroll through the list.
OpenSea’s mobile apps are available for both iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency on these platforms. Punk Nft
You can exchange your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
All of them have the option of converting them into ETH that is the standard cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than others. Since it is built using an ETH blockchain, any wallets that share the same network are suitable for this site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and 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 as well as the capability to buy cryptocurrency using credit cards. Punk Nft
To learn more about it You can go through their FAQs to get the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- Cannot buy or sell through our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used to access 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% portion of commission fees for all sellers on the platform. However, overall, you will easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Punk Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way for selling their artwork online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use the platform to market NFTs because of its zero gas costs and the low commission rate that you have to pay.
You can shop and browse the vast array of digital items on the NFT marketplace and you must go through it!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception at the end of the year 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to declare that transactions are secure and safe.
Additionally, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark is placed on your account or any collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties on OpenSea?
As an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is commonly utilized on this website and many others to accommodate more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier there’s an official mobile application from OpenSea that is available for iOS or Android. Download it at their respective app store and then you can begin exploring the collection now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and 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/).