The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Spacing On Nft Rails
The purpose for OpenSea was to simply provide artists with a marketplace/platform to upload their commissions, without having to pay any additional charges. It has more functions which allow you to market your artwork without any difficulties.
When it comes to the registration process, you don’t have to provide all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, 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 types of blockchains available, you can choose which one you want to publish your NFT as seller. This is to ensure the security of your NFT, along with the people who want to purchase it. All transactions are made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can become a seller however it takes a while for anyone to be an established seller.
There are a variety of NFTs of NFTs available on OpenSea, and you can also be a part of this! You can start your own personal market on this site, as well as find NFTs that you would like to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t exactly sure what it actually means. 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 you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible currency that is exclusive and cannot be replaced. It can be an item of any rareness like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object that you sell online. More straightforwardly, you can simply think of as an NFT as a digital collectible paid via cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the ownership of the particular item you uploaded on the market place, but offering it for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and simply creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain, payments tokens). After that, you can finally upload it, if it’s within the limit of 100MB.
You can watch and see the way transactions are handled from here on out to determine if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
At this point you’re probably asking yourself the kind of NFTs be found here, and what you could sell should you decide to go down that path. The kind of NFT that you can purchase is indefinite since there’s a broad range of options for how to go about it.
You could be selling trade cards, digital goods games, domain names, and even physical assets! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the other options. There are zero gas fees when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t have to spend on any additional charges.
Very few NFT marketplaces provide this feature, which is why this is a great way to earn a high return from your portfolio.
Referral Program
This Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t have this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to convert your fiat money into cryptocurrency using these platforms. Spacing On Nft Rails
You can swap your fiat currency using a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and many more!
All of them have the option of converting them into ETH that is the primary cryptocurrency payment option in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are still more compatible with it than other. Because it is based on the ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here’s a list various crypto wallets that you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only and the ability to buy cryptocurrency using credit cards. Spacing On Nft Rails
To know more about it, you can check their FAQs to see an overview of how you can begin and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
Pros
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
Cons
- Allows royalties 10% to artists (low royalty rates).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required for this marketplace.
Pricing
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Spacing On Nft Rails
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to sell their works online to receive cryptocurrency as a method of payment. It’s a great platform for artists who use for selling NFTs due to its no gas costs and low commission fees you must pay.
You can browse and shop for an array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Since its system is based on a blockchain, it is safe to say that your transactions are protected and secured.
In addition as a seller you will be verified after you have built up your credibility. A blue checkmark is placed on your account or the collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared to other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been widely used on this site and numerous others to cater for the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can use to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store, and begin browsing through the collection right now!
The version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and get notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
