Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up all over the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s explore what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Stinkbud Aero Nft Plans
The aim for OpenSea was to offer an online marketplace for artists to easily upload their commissions with no additional fees. It also has additional functions that allow you to sell your artwork without any difficulties.
For registration, you don’t need to worry about giving any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also operates using the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains, you can choose which one you want to upload your NFT on as a seller. This ensures the safety of your NFT, along with the people who want to purchase it. Every transaction will be conducted along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist that you admire. Anyone can sell however it takes time before anyone can become a reputable one.
There’s a huge selection of NFTs available on OpenSea, and you can join in with this! You can create your own personal market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto industry, the term “NFT” has been going around for so long on internet that many millennials have heard of it but not exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. The NFT is a token that is non-fungible that is individual and cannot be changed. This can be an item of rareness, such as mint-condition baseball trading cards, or a unique vinyl album.
There is 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 consider an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item that you posted to the market place, but you’re putting it up for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and then creating a collection to start! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain or payments tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from now to see if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about the kind of NFTs be purchased here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT that you can purchase isn’t limited as there’s a variety of ways to approach it.
You could be selling digital products, trading cards game assets, domain names, and some physical items! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the other options. There’s no cost for gas for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, so this is a great way to receive high profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50% of the sale amount, which means you can earn more money by this method.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can convert your fiat money into cryptocurrency on these platforms. Stinkbud Aero Nft Plans
You can swap the fiat currency you have with a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
All of them have the option of converting them into ETH that is the primary cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built mainly around an ETH blockchain, wallets that share the same network are suitable for this site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage, and the function to buy cryptocurrency using a credit card. Stinkbud Aero Nft Plans
For more information about the service You can go through their FAQs for the steps you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties 10% for artists (low royalties).
- You cannot buy or sell products on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is available to anyone 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 recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Stinkbud Aero Nft Plans
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use the platform to market NFTs because of its zero gas fees and the low commission rate that you have to pay.
You can browse and shop for an array of digital items on the NFT marketplace and you must go through it!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded in the year 2018. Since its system is based on a blockchain that is secure, you can declare that transactions are secure and safe.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or any collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10% of the royalties once you upload the NFT. This is considered to be a reasonable amount compared to the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and many others to accommodate more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile application from OpenSea that is available for iOS or Android. Install it from their app store and begin exploring the collection now!
A version for desktops that OpenSea can be downloaded via 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/).