Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto coins. Markets have popped up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and discover the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, 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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Ron English Nft
The purpose to create OpenSea was to simply provide artists with a marketplace/platform to upload commissions without any extra charges. It also has additional functions which allow you to market your artwork without any issues.
When it comes to the registration process, you don’t have to worry about giving too many details 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 many hurdles as you walk into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It is also based on the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains available, you can choose which one you’d like to transfer your NFT to as a seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions are made by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist that you admire. Anyone can be a seller, but it takes time before anyone can become a reputable one.
There’s a huge selection in the collection of NFTs available at OpenSea and you could also be a part of that! You can create your own marketplace there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry,”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 exactly sure what it means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible currency which is extremely individual and cannot be replaced. This can be an item of rarity like authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you can sell online. It is simpler to just consider an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming the owner of the item or token that you posted to the marketplace, and you’re putting it up for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and then add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and simply making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain or money transfer tokens). Once that’s all done, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from here on out to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering what kind of NFTs can be purchased here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT it can be is indefinite as there’s a variety of ways to go about it.
You can be selling digital items, trading cards game assets, domain names, and even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the other options. There’s no cost for gas for using this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, which is why this is a great way to receive high profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are benefits when you refer someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more money from this act.
Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency on these platforms. Ron English Nft
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
All of these have the option to exchange for ETH, which is the standard cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based around the ETH blockchain, wallets with a connection to this network are appropriate for the site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage and the ability to purchase cryptocurrency using a credit card. Ron English Nft
To learn more about it, you can check their FAQs to get a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Ron English Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online to receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use for selling NFTs due to its low cost of gas and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established in 2018. Because its system is built on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark will appear next to your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared against other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be widely utilized on this website and numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies 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 trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea for both iOS or Android. Download it at their respective app store, and begin browsing through the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and 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/).