The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Things To Do In Nyc Nft
The aim to create OpenSea was to provide an online marketplace for artists to upload commissions without any extra costs. It also has additional functions that let you sell your artwork without any issues.
For 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 on OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for most processes. It also functions with the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains available, you can choose which one you want to publish your NFT as an seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions will be made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to official art from an artist that you admire. Anyone can be a seller however it takes time before anyone can become an established one.
There are a variety of NFTs from the selection at OpenSea, and you can become a part of that! You can create your own marketplace there, and also find NFTs that you would like to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the crypto market, the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the newest things you can buy is an NFT. An NFT is a token that is non-fungible that is very individual and cannot be substituted. This can be an item of any rareness, such as authentic baseball cards or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object you’re selling online. In simpler terms, you could simply think of an NFT being a virtual item paid via cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs on your own NFTs. You are calling the owner of the item or token you uploaded on the marketplace, and you’re offering it for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and then add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and create a collection! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain and money transfer tokens). Once that’s all done then you’re able to upload it, if it’s within the limit of 100MB.
You can watch and see the way transactions are handled from now on to determine if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
At this point you’re probably asking yourself which kind of NFT can you shop for here and what kind of NFTs you can sell should you decide to go that route. The type of NFT it is indefinite because there’s a wide range of options for how to do it.
It is possible to sell digital items, trading cards games domain names, some physical items! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you sell because you don’t need to pay on extra fees.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your NFT collection.
Referral Program
The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer advantages when you refer your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, letting you make more money through this action.
Other NFT marketplaces don’t offer this feature This is a further advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency using these platforms. Things To Do In Nyc Nft
You can convert the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and many more!
Each of them has the option of converting them into ETH that is the primary crypto payment in OpenSea.
Crypto Wallets
Although OpenSea is an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than other. Because it is based on the ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here’s a list several crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only, and the function to buy cryptocurrency using credit cards. Things To Do In Nyc Nft
For more information about the service You can go through their FAQs to get a rundown of how you can get started and what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
Pros
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
Cons
- Allows royalties of only up to 10% for artists (low royalties).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required to access this marketplace.
Pricing
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Things To Do In Nyc Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists who use for selling NFTs due to its low gas fees and the low commission rate that you have to pay.
You can shop and browse the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established on the 1st of December in 2018. Since the system it operates on is based on a blockchain that is secure, you can 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 is placed to your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure that users are secure.
How do I earn royalties from OpenSea?
As an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and other sites to provide the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier there’s an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store and then you can begin browsing through the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts and receive notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
