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 web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto, you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and discover what you can do with OpenSea and also see 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. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Wearable Nft
The aim of OpenSea was to offer an online marketplace for artists to upload their commissions with no additional charges. There are additional features which allow you to market your artwork without any issues.
When it comes to registration, you won’t have to give too many details about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also functions using the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as a seller. This is to ensure the security of your NFT, along with the people who want to purchase it. All transactions will be made along with this 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. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can sell however, it takes a while for anyone to be a reputable one.
There is a wide variety in the collection of NFTs available at OpenSea, and you can join in with this! You can start your own market there, and also find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto industry”NFT” is a term that has been used in recent times “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 is. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible token which is extremely exclusive and cannot be substituted. This can be an item of any rarity like authentic baseball cards, or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you can sell on the internet. It is simpler to simply consider the NFT as a digital item which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling dibs to your NFTs. You are calling the owner of the item or token that you have uploaded to the marketplace, and you’re selling it. Usually, this becomes official once you fill out the correct information about the NFT and finally add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and simply creating a collection to start! Fill out the proper and complete information about your NFT and then select what type of settings you want to use it with (e.g. blockchain, money transfer tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe the way transactions are handled from now on to see whether OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
At this point you’re probably thinking about what kind of NFTs can you shop for here and what you can also sell if you decide to pursue that route. The type 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 game assets domain names, some physical items! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees when you use this feature when you create and market NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t need to spend on additional fees.
There aren’t many NFT marketplaces have this feature, so this can be a fantastic way to make a huge profit from your portfolio.
Referral Program
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more money by this method.
Other NFT marketplaces don’t have this kind of feature either and that’s another benefit OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available for both iOS and Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you You can also convert your fiat money into cryptocurrency through these platforms. Wearable Nft
You can convert your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and many more!
Each of them has the option to exchange for ETH which is the standard cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based around the ETH blockchain, all wallets which are part of the same network are suitable for this website.
Here’s a list of several crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. Wearable Nft
To know more about it to learn more, check out their FAQs to see an overview of how you can start and which other wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
Pros
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
Cons
- Allows royalty rates of 10% to artists (low royalty).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed for this marketplace.
Pricing
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Wearable Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way for selling their artwork online and receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use the platform to market NFTs because of its zero cost of gas and low commission fee rate you must pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established in 2018. Because its system is built on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark is placed next to your account or any collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties from OpenSea?
As an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is thought to be quite low in comparison with other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as many others to accommodate many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before, there is definitely an official mobile app from OpenSea for both iOS as well as Android. You can download it through their app store, and you can start exploring the collection now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to 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/).
