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 web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s explore what you can do with OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Truffle Nft Example
The goal to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional charges. It has more functions that let you sell your artwork without any issues.
For registration, you don’t need to worry about giving too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also operates with the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains you can pick which one you would like to transfer your NFT to as an seller. This will ensure the security of your NFT, along with the people who want to buy it. All transactions are made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist that you admire. Anyone can sell however it takes time before anyone can become an established one.
There’s a huge selection from the selection at OpenSea and you can join in with the collection! You can start 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?
A recent change in the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it is. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token which is extremely unique and can’t be replaced. It could be an item of rareness like rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you sell on the internet. It is simpler to just think of an NFT being a virtual collectible paid via cryptocurrency only.
Minting NFTs
Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and selling it. Typically, this is official after you fill in the proper information regarding the NFT and then add it on the market.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and making a collection to begin! Input the appropriate and accurate information about your NFT and select the 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 to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from now to determine if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
So, at this point you’re probably thinking about what kind of NFTs can be purchased here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT it is indefinite because there’s a wide range of how you can do it.
You can be selling trade cards, digital goods, game assets domain names, some physical items! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the other options. There are no gas costs when you utilize this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you don’t need to pay on extra fees.
Not many NFT marketplaces have this feature, so this can be a fantastic way to earn a high return from your NFT collection.
Referral Program
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more cash from this act.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Even though you can’t buy or sell anything, you can still explore the products 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 on these platforms. Truffle Nft Example
You can exchange the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
All of them have the option to exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea has been described as being an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than others. Because it is based around an ETH blockchain, wallets which are part of the same network are suitable for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage and the ability to buy cryptocurrency using credit cards. Truffle Nft Example
For more information about the service You can go through their FAQs to see a rundown of how you can start and which other wallets work 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 an exception to this. It is possible to read about its pros and pros here:
Pros
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
Cons
- Allows royalties of only 10% for artists (low royalty).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto digital wallet must be used to access this marketplace.
Pricing
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Truffle Nft Example
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online to receive cryptocurrency as a method of payment. It’s a great platform for artists using for selling NFTs due to its low gas costs and low commission fee rate that you have to pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are safe and secure.
In addition, as a seller, you’ll be verified when you build up your 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 users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll get only 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared to others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be widely utilized on this website and other sites to provide more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can make use of to use OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned, there is definitely an official mobile app from OpenSea for both iOS or Android. Download it at their respective app store, and you can start browsing through the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as receive alerts on any updates that affect 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/).
