Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto coins. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Now hop aboard, and discover what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to watch 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.
OpenSea as an NFT Marketplace Reddit Nft Streams Saints Falcons
The aim for OpenSea was to simply provide an online marketplace for artists to easily upload their commissions without any extra costs. It also has additional functions that let you sell your artwork without any problems.
When it comes to registration, you don’t need to worry about giving any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It is also based on the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains that are available, you can choose which one you want to upload your NFT on as seller. This will ensure the security of your NFT and those who would like to buy it. All transactions are made along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist you admire. Anyone can be a seller however, it takes time before anyone can become an established seller.
There is a wide variety from the selection at OpenSea and you can join in with that! You can create your own personal market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but not exactly sure what it is. 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 new things you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible currency which is extremely individual and cannot be replaced. This can be a piece of rareness, such as mint-condition baseball trading cards or rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing that you sell on the internet. It is simpler to just consider the NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You are calling the owner of the item or token you uploaded on the market place, but you’re offering it for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and then making a collection to begin! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain and payment tokens). After that, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to see if OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about the kind of NFTs you shop for here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT it can be is unlimited since there’s a broad range of how you can go about it.
You could be selling trade cards, digital goods game assets, domain names, and also physical goods! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the others. There are no gas costs when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t need to spend on additional fees.
Very few NFT marketplaces offer this feature, and it is a great way to receive high profit from your portfolio.
A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer rewards by referring your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more cash through this action.
Other NFT marketplaces do not have this kind of feature either This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you, and you can convert your fiat money into cryptocurrency using these platforms. Reddit Nft Streams Saints Falcons
You can swap the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than others. Because it is based on the ETH blockchain, all wallets with a connection to the same network are suitable for this site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency with a credit card. Reddit Nft Streams Saints Falcons
To learn more about it You can go through their FAQs for the steps you can start and which other wallets work 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 view its pros and cons here:
- Available as mobile apps that are compatible with iOS as well as 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 world and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Reddit Nft Streams Saints Falcons
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online to receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use for selling NFTs due to its no gas fees and low commission fees you must pay.
You can browse and purchase the vast array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was established at the end of the year of 2018. Since its system is built on blockchain technology, it is safe to say that your transactions are protected and secured.
Furthermore, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed to your account or any collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure 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 considered to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been frequently used on this site and numerous others to cater for more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile app by OpenSea for both iOS and Android. Download it at their respective app store, and begin browsing through the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts as well as receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).