The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up across the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and discover the possibilities of 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 review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Street Fighter Nft
The aim of OpenSea was to offer artists with a marketplace/platform to upload their commissions without any extra costs. It has more functions which allow you to market your art without too many issues.
In terms of registration, you won’t have to provide 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 easy as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also functions with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains that are available, you can choose which one you’d like to upload your NFT on as a seller. This ensures the safety of your NFT as well as those who wish to purchase it. Every transaction will be conducted by using the blockchain, so you should consider 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 for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist you admire. Anyone can be a seller, but it takes some time for anyone to be an established one.
There is a wide variety in the collection at OpenSea, and you can also be a part of the collection! You can create your own marketplace there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t sure exactly what it is. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy can be an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be replaced. It could be an item of rareness, such as authentic baseball cards or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can just imagine as an NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the marketplace, and you’re offering it for sale. Usually, this is recognized after you fill in the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain or money transfer tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about the kind of NFTs can be purchased here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT it is unlimited as there’s a variety of how you can approach it.
It is possible to sell trade cards, digital goods game assets domain names, some physical items! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This means you’ll get the most profit when you start selling because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets, you can receive advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to make more money from this act.
Other NFT marketplaces don’t offer this feature and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse 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 both iOS as well as Android. While you’re not able to buy or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. Street Fighter Nft
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and more!
All of these have the option of converting them into ETH that is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly using the ETH blockchain, wallets with a connection to the same network are suitable for this website.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency with a credit card. Street Fighter Nft
To learn more about it to learn more, check out their FAQs to get a rundown of how you can start and which other 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 pros 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 support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Street Fighter Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online to receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use the platform to market NFTs because of its zero cost of gas and low commission fees which you are required to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception in 2018. Because its system is based on a blockchain that is secure, you can say that your transactions are safe and secure.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear next to your account or collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison to the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely used on this site as well as many others to accommodate more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app by OpenSea for both iOS or Android. Download it at their respective app store and then you can begin exploring the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and receive alerts on any updates that affect 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/).