Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto currency. There are numerous marketplaces popping up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re interested in crypto, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s explore the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Watch Nft Live
The purpose to create OpenSea was to simply provide a platform/marketplace for artists to upload commissions without any extra costs. There are additional features which allow you to market your artwork without any difficulties.
When it comes to registration, you won’t have to worry about giving any personal information about yourself. All you have to connect your crypto 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 well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It also functions using the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains, you can choose which one you want to publish your NFT as seller. This ensures the safety of your NFT as well as those who would like to buy it. Every transaction will be conducted using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can become a seller however, it takes a while before anyone can become a reputable one.
There’s a huge selection of NFTs available at OpenSea, and you can become a part of this! You can create your own personal market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for 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 aren’t sure exactly what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible currency that is very exclusive and cannot be substituted. This can be a piece of rareness like authentic baseball cards or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item you’re selling online. More straightforwardly, you can simply consider as an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming the owner of the item or token that you posted to the market place, but putting it up for sale. Typically, this is official after you fill in the correct information about the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and then making a collection to begin! Fill out the proper and accurate information about your NFT and select the type of settings you’d like for it (e.g., blockchain and payments tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
You can watch and see how transactions progress from now on to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about the kind of NFTs be purchased here and what you can also sell if you choose to go down that path. The kind of NFT that you can purchase is unlimited since there’s a broad range of ways to go about it.
It is possible to sell digital items, trading cards games, domain names, and even physical assets! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees when you use this feature to create and market NFTs. This means you’ll be able to make the highest profits once you sell because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, which is why 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 refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS as well as Android. Even though you can’t buy or sell anything, you can still look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency through these platforms. Watch Nft Live
You can exchange the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of them have the option to exchange for ETH, which is the most common cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than other. Because it is based around the ETH blockchain, wallets that share this network are appropriate for the site.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets 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 using credit cards. Watch Nft Live
To know more about it, you can check their FAQs to get an overview of how you can begin and what other crypto wallets work with 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 read about its pros and pros here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties 10% for artists (low royalty).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Watch Nft Live
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to market their work 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 low gas costs and the low commission rate that you have to pay.
You can shop and browse the vast array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year 2018. Since the system it operates on is built on a blockchain that is secure, you can claim that your transactions are protected and secured.
Additionally, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed to your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties on OpenSea?
As an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and many others to accommodate more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. 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’s an official mobile application from OpenSea available for both iOS and 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. In the desktop application you are able to manage multiple accounts and get 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/).