Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up all over the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s explore the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Ufc Nft Release Date
The aim to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. It has more functions that allow you to sell your artwork without any problems.
When it comes to registration, you don’t need to give any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It also functions on the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains, you can choose which one you’d like to transfer your NFT to as seller. This is to ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to official art from an artist you admire. Anyone can be a seller however, it takes time for anyone to become a reputable one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you can become a part of this! You can start your own market on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “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 is. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. The NFT is a token that is non-fungible that is very individual and cannot be replaced. It can be a piece 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 object you’re selling online. More straightforwardly, you can simply think of an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You’re claiming the ownership of the particular item that you posted to the market place, but you’re offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and create a collection! Complete the correct and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain and payment tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how the transactions go from here on out to see if OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering which kind of NFT you shop for here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT that you can purchase is unlimited since there’s a broad range of how you can approach it.
It is possible to sell trade cards, digital goods, game assets, domain names, and some physical items! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the other options. There are zero gas fees when you utilize this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your portfolio.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer advantages when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to exchange your fiat money for cryptocurrency using these platforms. Ufc Nft Release Date
You can exchange your fiat currency using a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option to exchange for ETH which is the standard crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based using the ETH blockchain, wallets that share the same network are suitable for the site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only, and the function to purchase cryptocurrency using the credit card. Ufc Nft Release Date
To know more about it, you can check their FAQs for an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Ufc Nft Release Date
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online to receive cryptocurrency as a form of payment. It’s a great option for artists who want to use the platform to market NFTs due to its low cost of gas and low commission fee rate that you have to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace and you must take a look!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year of 2018. Because its system is built on blockchain technology and is secured, it is safe to declare that transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will appear next to your account or any collection you uploaded to reassure any customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you’ll get only 10% of the royalties once 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) has been widely used on this site and numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store, and then you can begin browsing through the collection right now!
A Desktop application that OpenSea which can be downloaded from 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/).