The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re interested in crypto, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Que Es Un Nft
The purpose to create OpenSea was to simply provide artists with a marketplace/platform to upload commissions, without having to pay any additional fees. It also has additional functions that let you sell your work without having to deal with many difficulties.
For registration, you won’t have to provide all of your personal details. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for most processes. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains available it is possible to choose which one you want to transfer your NFT to as an seller. This will ensure the security of your NFT, along with those who would like to buy it. All transactions are made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name, to a piece of art from an artist you admire. Anyone can sell however, it takes a while for anyone to be an established seller.
There’s a huge selection from the selection of NFTs available at OpenSea and you could join in with the collection! You can start your own market here, along with finding NFTs you’d like to buy yourself.
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 so long on the internet that many millennials have heard of it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy can be an NFT. An NFT is a token that is non-fungible that is unique and can’t be replaced. It could be an item of rareness like authentic baseball cards or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object that you can sell online. In simpler terms, you could simply think of as an NFT being a virtual item paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. You are calling the ownership of the particular item you uploaded on the market place, but you’re selling it. Usually, this is recognized after you fill in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and creating a collection to start! Input the appropriate and accurate information about your NFT and select the type of settings you’d like for it (e.g., blockchain and payments tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
You can watch and see how the transactions go from here on out to determine if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself the kind of NFTs be purchased here, and what you could sell should you decide to go that route. The kind of NFT that you can purchase isn’t limited since there’s a broad range of how you can go about it.
You could be selling digital products, trading cards, game assets domain names, some physical items! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There’s no cost for gas for using this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you sell because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces have this feature, which is why this can be a fantastic way to make a huge profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you make more money from this act.
Other NFT marketplaces don’t have this kind of feature either This is a further benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS as well as Android. While you’re not able to buy or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. Que Es Un Nft
You can swap your fiat currency using a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
All of them have the option to exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based around the ETH blockchain, wallets which are part of this network are appropriate for this site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage and the ability to buy cryptocurrency using a credit card. Que Es Un Nft
To know more about it, you can check their FAQs to see the steps you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% for artists (low royalty).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Que Es Un Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online and receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its low gas costs and low commission fees which you are required to pay.
You can browse and shop for an array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception in the year 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are protected and secured.
Furthermore as a seller you will be verified after you build up your reputation. A blue checkmark is placed next to your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties after you have uploaded 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 commonly used on this site and other sites to provide more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before There is an official mobile app by OpenSea that is available for iOS as well as Android. Download it at their respective app store and then you can begin exploring the collection now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts as well as receive notifications about updates to 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/).