Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto coins. Markets have popped up all over the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto, you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s explore the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Silencerco Nft Trust And 41P
The aim to create OpenSea was to provide artists with a marketplace/platform to upload their commissions, without having to pay any additional fees. It has more functions that allow you to sell your work without having to deal with many issues.
When it comes to the registration process, you don’t have to give all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for most processes. It also operates on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains, you can choose which one you’d like to upload your NFT on as an seller. This will ensure the security of your NFT as well as the people who want to buy it. Every transaction will be conducted using this blockchain, and you must 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 cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork by an artist you admire. Anyone can become a seller however, it takes time for anyone to be an established one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you could join in with the collection! You can set up your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in 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 exactly sure what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token that is very unique and can’t be changed. It could be a piece of rareness like mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible thing you’re selling online. In simpler terms, you could just consider as an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You are calling the ownership of the particular item you uploaded on market, as you’re putting it up for sale. Usually, this becomes official once you fill out the correct information about the NFT and then add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use for it (e.g. blockchain, money transfer tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
You can watch and see how transactions progress from now to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT you shop for here and what you can also sell if you decide to pursue that route. The kind of NFT it can be is unlimited since there’s a broad range of options for how to go about it.
It is possible to sell digital products, trading cards, game assets domain names, even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees for using this feature when you make and then sell the NFTs. This means you’ll get the most profit when you sell because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, which is why this is a great way to receive high profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to earn more cash by this method.
Other NFT marketplaces don’t have the same feature and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS as well as 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 available at your disposal, and you can trade your fiat currency for cryptocurrency using these platforms. Silencerco Nft Trust And 41P
You can exchange your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of exchange for ETH, which is the standard cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than other. Since it is built around the ETH blockchain, all wallets which are part of the same network are suitable for the site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found 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 a credit card. Silencerco Nft Trust And 41P
To know more about it, you can check their FAQs to see the steps you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has 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 royalties up to 10% for artists (low royalty rates).
- Cannot buy or sell through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Silencerco Nft Trust And 41P
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online and receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its no gas fees and low commission fee rate you must pay.
You can browse and purchase the vast array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded in the year of 2018. Because its system is built on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned on your account or any collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared with others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as other sites to provide more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely 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 that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and get 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/).