The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. Markets have popped up all over the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
So, hop on board and discover what you can do with OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch 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 of OpenSea.
OpenSea as an NFT Marketplace Tron Nft Marketplace
The goal of OpenSea was to provide an online marketplace for artists to upload commissions with no additional charges. It has more functions that allow you to sell your artwork without any difficulties.
When it comes to registration, you don’t need to provide too many details about yourself. 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 many hurdles as you walk into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for the majority of transactions. It also operates on the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains that are available you can pick which one you would like to upload your NFT on as a seller. This is to ensure the security of your NFT, along with those who wish to buy it. All transactions will be made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can become a seller however, it takes some time for anyone to be an established one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you could also be a part of this! You can start your own personal market there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people have heard of it but not exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible currency which is extremely exclusive and cannot be substituted. It can be a piece of rareness like mint-condition baseball trading cards or uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could just consider as an NFT being a virtual item that is paid for using cryptocurrency only.
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 market place, but you’re offering it for sale. Usually, this is recognized when you have filled in the correct information about the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and create a collection! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain or payment tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
You can watch and see the way transactions are handled from now on to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT can you shop for here, and what you could sell should you decide to go down that path. The kind of NFT it can be is indefinite because there’s a wide range of options for how to do it.
It is possible to sell digital products, trading cards game assets, domain names, and also physical goods! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the other options. There are no gas costs when you use this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you start selling because you don’t need to pay on extra fees.
Not many NFT marketplaces have this feature, which is why this is a great way to receive high profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces that offer rewards by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, letting you earn more cash from this act.
Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps of OpenSea are available on both iOS and Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also trade your fiat currency for cryptocurrency through these platforms. Tron Nft Marketplace
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option to exchange for ETH, which is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than others. Because it is based on the ETH blockchain, any wallets which are part of this network are appropriate for this site.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. Tron Nft Marketplace
For more information about the service, you can check their FAQs to see an overview of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps available for 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 10% for artists (low royalties).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto account is needed for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Tron Nft Marketplace
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online and receive cryptocurrency as their form of payment. It’s a great platform for artists using for selling NFTs due to its no gas costs and low commission fee rate that you have to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception at the end of the year of 2018. Because its system is built on blockchain technology, it is safe to declare that transactions are secure and safe.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned on your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties after you upload 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) is frequently utilized on this website and other sites to provide more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before There is an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store and begin browsing through the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and get alerts on any updates that affect 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/).