Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s explore 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 review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Week 1 Nft Ats
The aim for OpenSea was to simply provide artists with a marketplace/platform to upload commissions, without having to pay any additional fees. It also has additional functions that let you sell your artwork without any difficulties.
For registration, you won’t have to provide any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also functions with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains that are available, you can choose which one you want to publish your NFT as seller. This will ensure the security of your NFT and the people who want to purchase it. All transactions will be made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to official art from an artist that you admire. Anyone can be a seller however, it takes a while before anyone can become an established seller.
There are a variety of NFTs in the collection at OpenSea and you could join in with that! You can start your own market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t sure exactly what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can buy includes an NFT. A NFT is a token that is non-fungible that is individual and cannot be substituted. This can be an item of rareness like rare baseball trading cards in mint condition or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible item you’re selling online. It is simpler to simply consider the NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You’re claiming the owner of the item or token that you posted to the marketplace, and offering it for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and simply creating a collection to start! Input the appropriate and accurate information about your NFT and select the type of settings you’d like for it (e.g., blockchain or payment tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to see if OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself which kind of NFT can you shop for here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it is indefinite because there’s a wide range of options for how to go about it.
You can be selling trade cards, digital goods games domain names, also physical goods! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the other options. There are zero gas fees when you use this feature to create and market NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you don’t need to pay on any additional charges.
Not many NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you, and you can exchange your fiat money for cryptocurrency using these platforms. Week 1 Nft Ats
You can exchange the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option to exchange for ETH that is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than others. Since it is built using the ETH blockchain, wallets with a connection to that network will be suitable for this site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- 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 including simple registration, mobile-only usage and the ability to purchase cryptocurrency using the credit card. Week 1 Nft Ats
To learn more about it to learn more, check out their FAQs for a rundown of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Week 1 Nft Ats
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to sell their works online to receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its no gas costs and the low commission rate which you are required to pay.
You can browse and shop for an array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea is a reputable marketplace since it was founded at the end of 2018. Because its system is based on a blockchain, it is safe to claim that your transactions are safe and secure.
Additionally, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned on your account or collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you can be paid only 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be widely utilized on this website and many others to accommodate the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned there’s an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store, and you can start exploring the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and receive notifications on updates regarding 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/).