Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and let’s see what you can do with OpenSea, along with checking the NFTs that you can see!
Before you continue, 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 of OpenSea.
OpenSea as an NFT Marketplace R Nfl
The goal for OpenSea was to offer a platform/marketplace for artists to upload commissions without any extra fees. It has more functions that allow you to sell your artwork without any problems.
In terms of registration, you won’t have to provide too many details about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for most processes. It also operates using the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains available, you can choose which one you’d like to upload your NFT on as an seller. This will ensure the security of your NFT, along with those who would like to buy it. All transactions are made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist you admire. Anyone can sell, but it takes a while for anyone to be an established one.
There are a variety of NFTs of NFTs available 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 want to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people have heard of it but not exactly sure what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible currency that is exclusive and cannot be replaced. This can be an item of any rarity like authentic baseball cards, or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible object that you can sell on the internet. It is simpler to just imagine an NFT being a virtual item paid via cryptocurrency only.
Minting NFTs
Minting is like calling the shots on your own NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the market place, but offering it for sale. Typically, this is official when you have filled in the correct information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and simply create a collection! Complete the correct and complete information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain or payment tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to determine whether OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
In this moment you’re probably thinking about what kind of NFTs can be purchased here, and what you could sell should you decide to go that route. The type of NFT it can be is unlimited as there’s a variety of how you can go about it.
It is possible to sell trade cards, digital goods 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
This Collection Manager function is the one that separates OpenSea from the other options. There’s no cost for gas for using this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t need to spend on extra fees.
Very few NFT marketplaces offer this feature, and it is great for you to earn a high return from your portfolio.
Referral Program
This Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits 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 percent of the purchase amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS and Android. Even though you can’t buy or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. R Nfl
You can swap the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
All of them have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based around an ETH blockchain, any wallets which are part of that network will be suitable for this website.
Here’s a list of several crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency using the credit card. R Nfl
To learn more about it, you can check their FAQs to get an overview of how you can start and which other wallets are compatible 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 an exception to this. You can view its pros and cons here:
Pros
- Mobile apps available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
Cons
- Allows royalty rates of 10% to artists (low royalty rates).
- You cannot buy or sell products on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed for this marketplace.
Pricing
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions R Nfl
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists using for selling NFTs because of its zero cost of gas and the low commission rate you must pay.
You can browse and purchase an array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded at the end of the year of 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to claim that your transactions are protected and secured.
Furthermore as a seller you can become verified once you’ve earned a reputation. A blue checkmark will be assigned next to your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure that users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will get only 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is frequently utilized on this website and numerous others to cater for the increasing number of crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
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 on the 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 app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea for both iOS or Android. Install it from their app store and begin exploring the collection now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect 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/).
