The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto currency. Marketplaces are popping up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and discover what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Upshot Nft
The aim to create OpenSea was to offer an online marketplace for artists to upload their commissions without any extra costs. It also has additional functions that let you sell your artwork without any problems.
In terms of registration, you don’t need to worry about giving any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for most processes. It also operates with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains it is possible to choose which one you’d like to upload your NFT on as an seller. This is to ensure the security of your NFT and those who would like to buy it. All transactions are made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes some time for anyone to become an established seller.
There is a wide variety from the selection on OpenSea and you could join in with this! You can create your own market on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for 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 have heard of it but aren’t exactly sure what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. The NFT is a token that is non-fungible that is very unique and can’t be changed. It can be an item of rarity like authentic baseball cards or unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can simply imagine an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. It is a way of claiming the ownership of the particular item that you posted to the marketplace, and you’re selling it. Usually, this is recognized once you fill out the correct information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and simply create a collection! Complete the correct and complete information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain or money transfer tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled from now on to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about the kind of NFTs be found here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT that you can purchase isn’t limited because there’s a wide range of ways to go about it.
You could be selling trade cards, digital goods, game assets, domain names, and some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the others. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you begin selling since you don’t need to pay on additional fees.
Very few NFT marketplaces provide this feature, so this is a great way to receive high profit from your portfolio.
The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets there are rewards by referring your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything as you browse through the listing.
OpenSea’s mobile apps are available on both iOS as well as Android. While you’re not able to buy or sell things, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency through these platforms. Upshot Nft
You can exchange your fiat currency using a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and other things!
All of them have the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built mainly on the ETH blockchain, any wallets that share that network will be suitable for this website.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency using the credit card. Upshot Nft
To learn more about it, you can check their FAQs for an overview of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Upshot Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its no gas costs and the low commission rate that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are secure and safe.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned to your account or collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared with others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be frequently used on this site and numerous others to cater for more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS or Android. You can download it through their app store, and you can start exploring the collection right now!
The version for desktops 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/).