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 web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace R Nfl New
The purpose for OpenSea was to offer artists with a marketplace/platform to upload commissions without any extra charges. There are additional features that allow you to sell your artwork without any difficulties.
For registration, you won’t have to give too many details about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also operates with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains that are available you can pick which one you would like to transfer your NFT to as seller. This ensures the safety of your NFT, along with those who would like to buy it. All transactions are made by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller however it takes some time for anyone to be an established one.
There’s a huge selection of NFTs available at OpenSea and you could join in with the collection! You can set up your own market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”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 sure exactly what it is. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible token that is very individual and cannot be replaced. It can be a piece of rareness like mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing you’re selling online. In simpler terms, you could just imagine the NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You are calling ownership over that particular token/item that you have uploaded to the marketplace, and you’re putting it up for sale. Typically, this is official when you have filled in the proper information regarding the NFT and add it on the market.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and simply create a collection! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like for it (e.g. blockchain, payments tokens). After you’ve completed the process then you’re able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to determine if OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about what kind of NFTs you shop for here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT it is indefinite as there’s a variety of ways to go about it.
It is possible to sell digital items, trading cards, game assets domain names, some physical items! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There are zero gas fees when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces have this feature, which is why this can be a fantastic way to receive high profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you earn more money through this action.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use to exchange your fiat money for cryptocurrency through these platforms. R Nfl New
You can swap your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
All of these have the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly using the ETH blockchain, wallets with a connection to the same network are suitable for this site.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. R Nfl New
To know more about it, you can check their FAQs to see an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions R Nfl New
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using for selling NFTs due to its no gas costs and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception at the end of the year 2018. Because its system is built on a blockchain that is secure, you can declare that transactions are secure and safe.
Furthermore, as a seller, you can become verified once you build up your reputation. A blue checkmark will appear to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are secure.
How do I earn royalties on OpenSea?
As an artist, you can get only 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is commonly used on this site and many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
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 exploring the collection now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).