The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Snl Nft
The goal for OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional costs. There are additional features that allow you to sell your art without too many problems.
For the registration process, you don’t have to give all of your personal details. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also functions with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains available you can pick which one you would like to upload your NFT on as an seller. This will ensure the security of your NFT as well as those who wish to purchase it. All transactions are made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can be a seller, but it takes some time before anyone can become an established one.
There are a variety of NFTs in the collection at OpenSea and you could join in with the collection! You can start your own marketplace here, along with finding NFTs you want to purchase 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 for so long on the internet that many millennials have heard of it but aren’t 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 newest things that you can buy with cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is very unique and can’t be replaced. 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 item that you sell online. In simpler terms, you could simply imagine an NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You are calling ownership over that particular token/item that you have uploaded to market, as you’re offering it for sale. Usually, this becomes official after you fill in the correct information about the NFT and upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own 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 select the type of settings you want for it (e.g. blockchain and 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 how transactions progress from now to see whether OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about what kind of NFTs you shop for here and what you can also sell if you decide to pursue that route. The type of NFT it is unlimited as there’s a variety of ways to do it.
You could be selling digital items, trading cards games, domain names, and some physical items! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from other companies. There are zero gas fees when you utilize this feature when you create and market NFTs. This simply means that you’ll get the most profit when you sell because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces have this feature, and it is a great way to earn a high return from your portfolio.
This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 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, so that’s just another benefit OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. Even though you can’t buy or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency through these platforms. Snl Nft
You can swap your fiat money via the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option to exchange for ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Because it is based around an ETH blockchain, all wallets with a connection to the same network are suitable for the site.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, only mobile usage as well as the capability to buy cryptocurrency using the credit card. Snl Nft
To learn more about it You can go through their FAQs to get an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to 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 backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Snl Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use for selling NFTs due to its low gas costs and low commission fees that you have to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established in the year of 2018. Since the system it operates on is built on blockchain technology, it is safe to say that your transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned to your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you will receive only up to 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is frequently used on this site as well as many others to accommodate many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile app from OpenSea for both iOS or Android. You can download it through their app store and begin exploring the collection now!
A desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app 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/).