The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and discover what you can do with OpenSea as well as examining what NFTs you can view!
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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Tiger King Nft
The goal to create OpenSea was to provide a platform/marketplace for artists to upload commissions, without having to pay any additional fees. There are additional features that let you sell your work without having to deal with many issues.
For the registration process, you don’t have to worry about giving all of your personal details. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for the majority of transactions. It is also based with the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains, you can choose which one you want to transfer your NFT to as an seller. This will ensure the security of your NFT as well as those who wish to purchase it. All transactions will be made using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name, to a piece of art by an artist you admire. Anyone can become a seller however it takes a while before anyone can become an established seller.
There’s a huge selection from the selection on OpenSea and you could also be a part of this! You can start your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but not exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. It could be an item of rareness like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object that you can sell online. More straightforwardly, you can just consider an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling ownership over that particular token/item you uploaded on the market place, but putting it up for sale. Typically, this is official after you fill in the correct information about 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 creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you want for it (e.g. blockchain, payments tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
It is possible to wait and see how the transactions go from now on to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself which kind of NFT be found here and what kind of NFTs you can also sell if you decide to go down that path. The type of NFT it can be is unlimited because there’s a wide range of how you can go about it.
It is possible to sell trade cards, digital goods games domain names, even physical assets! 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 separates OpenSea from the other options. There’s no cost for gas for using this feature when you create and market 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 have this feature, so this is a great way to receive high profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are advantages when you refer your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also exchange your fiat money for cryptocurrency on these platforms. Tiger King Nft
You can exchange the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
All of these have the option of exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than other. Since it is built using an ETH blockchain, any wallets with a connection to that network will be suitable for the site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage as well as the capability to buy cryptocurrency using the credit card. Tiger King Nft
To know more about it, you can check their FAQs to get the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. 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 and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Tiger King Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online to receive 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 you must pay.
You can browse and purchase an array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year 2018. Since its system is built on blockchain technology, it is safe to say that your transactions are secure and safe.
Additionally as a seller you will be verified after you build up your reputation. A blue checkmark will be assigned to your account or collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties from OpenSea?
As an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared to other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile app from OpenSea that is available for iOS or Android. You can download it through their app store, and you can start browsing through the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).