Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto-coins. Marketplaces are popping up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and let’s see what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Tekashi 69 Nft
The goal of OpenSea was to provide a platform/marketplace for artists to upload commissions without any extra costs. It also has additional functions that allow you to sell your work without having to deal with many issues.
When it comes to registration, you won’t have to give all of your personal details. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also operates on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains you can pick which one you want to transfer your NFT to as seller. This will ensure the security of your NFT as well as those who wish to buy it. All transactions are made by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes some time for anyone to become an established one.
There is a wide variety of NFTs available on OpenSea and you could become a part of the collection! You can start your own marketplace here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with 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 cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible currency that is very individual and cannot be changed. This can be a piece of rareness like rare baseball trading cards in mint condition, or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can simply imagine 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’re claiming the ownership of the particular item that you posted to the market place, but you’re selling it. Usually, this is recognized after you fill in the correct information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple 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 correct information regarding your NFT and select the type of settings you’d like to use for it (e.g., blockchain or money transfer tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how the transactions go from here on out to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself what kind of NFTs can be found here, and what you could also sell if you decide to go that route. The type of NFT it can be is indefinite as there’s a variety of ways to go about it.
You can be selling digital products, trading cards, game assets, domain names, and also physical goods! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs for using this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, so this is great for you to earn a high return from your NFT collection.
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer benefits by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you make more money by this method.
Other NFT marketplaces do not have the same feature This is a further advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything while 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 things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. Tekashi 69 Nft
You can exchange your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
All of these have the option of exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of crypto, wallets are still more compatible with it than other. Since it is built mainly using an ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency using a credit card. Tekashi 69 Nft
To learn more about it to learn more, check out their FAQs for an overview of how you can get started 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. You can read about its pros and pros here:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Tekashi 69 Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online and receive cryptocurrency as their form of payment. It’s a great platform for artists who use it to sell NFTs due to its low gas costs and low commission fee rate you must pay.
You can browse and purchase an array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Since its system is based on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear next to your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier, there is definitely an official mobile app from OpenSea that is available for iOS and Android. You can download it through their app store and then you can begin exploring the collection right now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and receive 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/).