Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up across the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Warehouse Nft System
The goal for OpenSea was to simply provide an online marketplace for artists to easily upload their commissions, without having to pay any additional charges. It has more functions which allow you to market your artwork without any problems.
In terms of the registration process, you don’t have to worry about giving too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used to carry out the majority of processes. It also functions with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains you can pick which one you’d like to transfer your NFT to as seller. This ensures the safety of your NFT, along with those who wish to purchase it. Every transaction will be conducted along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist that you admire. Anyone can sell, but it takes a while for anyone to become an established seller.
There is a wide variety of NFTs available of NFTs available at OpenSea and you can join in with the collection! You can start your own personal market here, along with finding NFTs you’d like to buy for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto industry”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 aren’t exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible currency that is unique and can’t be substituted. It can be a piece of rarity like rare baseball trading cards in mint condition, or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible object you’re selling online. It is simpler to just imagine an NFT being a virtual item which is only paid in cryptocurrency.
Minting NFTs
Minting is similar to calling for dibs for your personal NFTs. You are calling the owner of the item or token you uploaded on the marketplace, and you’re putting it up for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and create a collection! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain, payment tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from here on out to determine if OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
In this moment, you’re probably wondering what kind of NFTs can be purchased here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it is unlimited since there’s a broad range of ways to approach it.
You could be selling digital products, trading cards game assets domain names, even physical assets! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from other companies. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, so this can be a fantastic way to receive high profit 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 refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, which allows you to earn more cash from this act.
Other NFT marketplaces do not have this feature This is a further advantage OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS and Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can trade your fiat currency for cryptocurrency through these platforms. Warehouse Nft System
You can swap your fiat money via credit card or Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
All of these have the option to exchange for ETH, which is the most common crypto payment in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly on an ETH blockchain, all wallets with a connection to this network are appropriate for this website.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with a credit card. Warehouse Nft System
To know more about it to learn more, check out their FAQs to get the steps you can start and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
Pros
- Mobile apps available for iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
Cons
- Allows royalties 10% for artists (low royalty).
- Cannot buy or sell on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
Pricing
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Warehouse Nft System
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to sell their works online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs because of its zero gas costs and the low commission rate which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace and you must check it out!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded at the end of 2018. Since its system is built on a blockchain, it is safe to say that your transactions are protected and secured.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed to your account or collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are secure.
How can I earn royalties from OpenSea?
As an artist, you will get only 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared to other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be widely utilized on this website and many others to accommodate many more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before, there is definitely an official mobile application from OpenSea for both iOS or Android. Install it from their app store and begin exploring the collection now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and 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/).
