Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Stretchy Fuzzy Fabric Nft
The goal for OpenSea was to offer artists with a marketplace/platform to easily upload their commissions with no additional fees. There are additional features which allow you to market your work without having to deal with many issues.
When it comes to registration, you don’t need to provide all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It also functions with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains that are available, you can choose which one you would like to publish your NFT as an seller. This will ensure the security of your NFT and those who would like to purchase it. All transactions are made using this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to official art from an artist you admire. Anyone can be a seller however, it takes time before anyone can become an established seller.
There are a variety of NFTs in the collection on OpenSea and you can join in with this! You can start your own personal market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it is. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can buy can be an NFT. The NFT is a token that is non-fungible that is very unique and can’t be substituted. It can be a piece of rareness like rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object you’re selling online. More straightforwardly, you can just consider as an NFT to be a type of digital item paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling ownership over that particular token/item that you have uploaded to the market place, but you’re selling it. Usually, this is recognized once you fill out all the necessary information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and creating a collection to start! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain or money transfer tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.
You can watch and see how the transactions go from here on out to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering the kind of NFTs you shop for here and what you can also sell if you choose to go that route. The kind of NFT it isn’t limited since there’s a broad range of options for how to go about it.
You could be selling trade cards, digital goods, game assets, domain names, and some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from the others. There’s no cost for gas when you use this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t have to spend on additional fees.
Not many NFT marketplaces have this feature, so this can be a fantastic way to receive high profit from your collection.
The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, letting you earn more money through this action.
Other NFT marketplaces do not have this feature and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell things, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you You can also convert your fiat money into cryptocurrency on these platforms. Stretchy Fuzzy Fabric Nft
You can swap the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option of exchange for ETH, which is the most common cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built around an ETH blockchain, all wallets which are part of that network will be suitable for the site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. Stretchy Fuzzy Fabric Nft
For more information about the service to learn more, check out their FAQs for a rundown of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- You cannot buy or sell products on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Stretchy Fuzzy Fabric Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists who use for selling NFTs due to its no gas costs and low commission fees which you are required to pay.
You can shop and browse an array of digital products on this NFT marketplace and you must take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception at the end of the year 2018. Since the system it operates on is built on blockchain technology, it is safe to declare that transactions are protected and secured.
In addition as a seller you will be verified after you have built up your credibility. A blue checkmark will appear to your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties from OpenSea?
As an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared with other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be widely utilized on this website and numerous others to cater for the increasing number of crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store and you can start exploring the collection now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and get notifications about updates to 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/).