Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Superchief Gallery Nft
The goal for OpenSea was to offer an online marketplace for artists to easily upload their commissions with no additional costs. It has more functions that allow you to sell your work without having to deal with many problems.
In terms of registration, you won’t have to provide too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains available you can pick which one you’d like to upload your NFT on as an seller. This ensures the safety of your NFT and those who wish to buy it. All transactions will be made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist that you admire. Anyone can sell, but it takes some time before anyone can become an established one.
There’s a huge selection in the collection on OpenSea and you could become a part of that! You can set up your own marketplace there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible currency which is extremely exclusive and cannot be changed. It can be an item of rarity like rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling online. In simpler terms, you could simply consider as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You are calling the owner of the item or token that you have uploaded to market, as you’re putting it up for sale. Typically, this is official after you fill in the proper information regarding the NFT and then submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and then create a collection! Input the appropriate and complete information about your NFT and choose what kind of settings you want for it (e.g., blockchain or payment tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself which kind of NFT be purchased here, and what you could sell should you decide to go down that path. The kind of NFT that you can purchase is indefinite because there’s a wide range of how you can go about it.
You could be selling digital products, trading cards, 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
This Collection Manager feature is what differentiates OpenSea from the other options. There are zero gas fees when you use this feature when you 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 any additional charges.
Not many NFT marketplaces offer this feature, and it is great for you to earn a high return from your collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which allows you to make more money from this act.
Other NFT marketplaces do not have this feature This is a further advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS and Android. While you’re not able to buy or sell things, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Superchief Gallery Nft
You can swap your fiat money via the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option to exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly around an ETH blockchain, any wallets which are part of the same network are suitable for this website.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with a credit card. Superchief Gallery Nft
For more information about the service to learn more, check out their FAQs to see an overview of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Superchief Gallery Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s a great platform for artists using the platform to market NFTs due to its low gas costs and the low commission rate that you have to pay.
You can browse and shop for an array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea is a reputable marketplace since its inception at the end of the year of 2018. Because its system is based on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed to your account or any collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared with the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site and other sites to provide more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before, there is definitely 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!
There is also a desktop application for OpenSea that can be downloaded through 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/).