Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s explore what you can do with OpenSea as well as examining the NFTs that you can see!
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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Should Submersible Pumps Be Used For Nft
The purpose of OpenSea was to offer an online marketplace for artists to upload their commissions with no additional fees. It also has additional functions that let you sell your artwork without any problems.
When it comes to registration, you won’t have to provide all of your personal details. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most popular cryptocurrency used within 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 to carry out the majority of processes. It is also based using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains you can pick which one you’d like to upload your NFT on as seller. This ensures the safety of your NFT as well as those who wish to purchase it. Every transaction will be conducted by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist that you admire. Anyone can sell however, it takes a while before anyone can become an established seller.
There is a wide variety in the collection of NFTs available at OpenSea and you can join in with the collection! You can set up your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy is an NFT. An NFT is a non-fungible token that is individual and cannot be changed. This can be an item of any rareness, such as mint-condition baseball trading cards or uncommon 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. More straightforwardly, you can simply imagine an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You’re claiming the owner of the item or token that you posted to the market place, but you’re offering it for sale. Typically, this is official when you have filled in the correct information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and creating a collection to start! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain and money transfer tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how transactions progress from here on out to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering what kind of NFTs you shop for here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it can be is unlimited as there’s a variety of ways to approach it.
You can be selling digital items, trading cards, game assets domain names, even physical assets! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from other companies. There are zero gas fees when you use this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t have to spend on extra fees.
Not many NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets that offer benefits by referring your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you earn more cash from this act.
Other NFT marketplaces do not have the same feature and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS and Android. Although you aren’t able to purchase or sell things, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you to convert your fiat money into cryptocurrency on these platforms. Should Submersible Pumps Be Used For Nft
You can swap your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
All of them have the option to exchange for ETH, which is the standard crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built on the ETH blockchain, any wallets that share the same network are suitable for the site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage and the ability to purchase cryptocurrency using the credit card. Should Submersible Pumps Be Used For Nft
For more information about the service You can go through their FAQs to get an overview of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Should Submersible Pumps Be Used For Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online to receive cryptocurrency as their form of payment. It’s a great platform for artists using the platform to market NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can browse and purchase an array of digital products on this NFT marketplace and you must take a look!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are safe and secure.
Furthermore as a seller you’ll be verified when you have built up your credibility. A blue checkmark will appear next to your account or any collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you will get only 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison to others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been commonly used on this site and many others to accommodate many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store and then you can begin browsing through the collection right now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect 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/).