The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It’s now 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 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. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Vertical Nft System Microgreen
The goal of OpenSea was to simply provide a platform/marketplace for artists to upload their commissions with no additional costs. It has more functions which allow you to market your art without too many difficulties.
When it comes to registration, you don’t need to give too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also functions on the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains it is possible to choose which one you want to upload your NFT on as an seller. This is to ensure the security of your NFT, along with the people who want to buy it. All transactions will be made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to official art by an artist you admire. Anyone can be a seller, but it takes some time for anyone to become an established seller.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you can join in with this! You can set up your own personal market here, along with finding NFTs that you would like to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it , but not exactly sure what it means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the new things you can buy includes an NFT. The NFT is a token that is non-fungible that is very unique and can’t be changed. It could be an item of rareness, such as mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you can sell online. More straightforwardly, you can simply imagine an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting NFTs
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 you’re selling it. Usually, this is recognized once you fill out the proper information regarding the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and create a collection! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use it with (e.g., blockchain, payment tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
You can watch and see how the transactions go from now to see if OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
So, at this point, you’re probably wondering which kind of NFT can be found here, and what you could also sell if you decide to go down that path. The kind of NFT that you can purchase is indefinite because there’s a wide range of how you can approach it.
You could be selling digital items, trading cards, game assets, domain names, and also physical goods! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the other options. There are zero gas fees when you use this feature when you make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t need to spend on extra fees.
Not many NFT marketplaces have this feature, so this is a great way to earn a high return from your portfolio.
Referral Program
A Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available for both iOS and Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Vertical Nft System Microgreen
You can exchange your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
Each of them has the option of exchange for ETH which is the most common cryptocurrency used in OpenSea.
Crypto Wallets
While OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly on the ETH blockchain, wallets that share that network will be suitable for this website.
Here’s a list of different crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage, and the function to purchase cryptocurrency using a credit card. Vertical Nft System Microgreen
To know more about it You can go through their FAQs to see an overview of how you can begin and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
Pros
- Available as mobile apps for iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
Cons
- Allows royalty rates of 10% for artists (low royalty).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to access this marketplace.
Pricing
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Vertical Nft System Microgreen
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online and receive cryptocurrency as their form of payment. It’s a great option for artists who want to use it to sell NFTs because of its zero gas fees and low commission fee rate which you are required to pay.
You can browse and purchase an array of digital items on the NFT marketplace and you must take a look!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year 2018. Because its system is based on a blockchain that is secure, you can claim that your transactions are secure and safe.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed next to your account or any collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be widely used on this site as well as other sites to provide many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile app by OpenSea that is available for iOS and Android. Install it from their app store and then you can begin exploring the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts as well as receive notifications about updates to 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/).
