Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea before for a good reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Solar Powered Vertical Nft System
The goal to create OpenSea was to offer artists with a marketplace/platform to upload commissions without any extra fees. It also has additional functions that let you sell your work without having to deal with many difficulties.
In terms of registration, you don’t need to provide any personal information about yourself. All you need to do is connect your cryptocurrency 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 well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains that are available you can pick which one you would like to upload your NFT on as a seller. This ensures the safety of your NFT as well as those who would like to buy it. All transactions are made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to official art by an artist you admire. Anyone can become a seller, but it takes a while for anyone to become a reputable one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you can join in with the collection! You can set up your own marketplace here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market, the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things you can buy can be an NFT. An NFT is a non-fungible currency which is extremely exclusive and cannot be changed. It can be a piece of rareness like authentic baseball cards or uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you can sell online. More straightforwardly, you can just consider as an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling the ownership of the particular item that you posted to the market place, but you’re selling it. Usually, this becomes official when you have filled in the correct information about the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and simply create a collection! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like for it (e.g. blockchain, money transfer tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from now on to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself what kind of NFTs be found here and what you can also sell if you decide to pursue that route. The kind of NFT that you can purchase isn’t limited as there’s a variety of ways to do it.
You could be selling trade cards, digital goods, game assets, domain names, and even physical assets! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs for using this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on any additional charges.
Not many NFT marketplaces offer this feature, and it can be a fantastic way to make a huge profit from your portfolio.
A Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets there are advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more cash by this method.
Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can convert your fiat money into cryptocurrency through these platforms. Solar Powered Vertical Nft System
You can exchange the fiat currency you have with a the 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.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built on the ETH blockchain, all wallets that share this network are appropriate for this site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with a credit card. Solar Powered Vertical Nft System
To learn more about it, you can check their FAQs for a rundown of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its method of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Solar Powered Vertical Nft System
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists using the platform to market NFTs due to its no cost of gas and low commission fee rate which you are required to pay.
You can browse and shop for an array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded in the year of 2018. Since its system is built on blockchain technology, it is safe to declare that transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear to your account or any collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you can be paid only 10% of the royalties once you upload the NFT. This is thought to be quite low in comparison against the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely utilized on this website and numerous others to cater for many more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before, there is definitely an official mobile application from OpenSea available for both iOS as well as Android. You can download it through their app store and begin exploring the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).