Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto currency. Markets have popped up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s explore what you can do with OpenSea and also see what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace What Are Good Medias For Nft
The goal of OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional fees. It also has additional functions that allow you to sell your art without too many issues.
For registration, you don’t need to provide too many details about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains available it is possible to choose which one you want to upload your NFT on as seller. This ensures the safety of your NFT as well as those who would like to buy it. All transactions are made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to official art from an artist you admire. Anyone can become a seller, but it takes some time for anyone to be a reputable one.
There is a wide variety in the collection on OpenSea and you can join in with that! You can start your own market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t sure exactly what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy is an NFT. The NFT is a non-fungible token which is extremely unique and can’t be changed. This can be a piece of rareness, such as rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can just imagine as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the owner of the item or token that you posted to the marketplace, and you’re offering it for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and then add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and create a collection! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain or payments tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how transactions progress from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about what kind of NFTs can you shop for here, and what you could also sell if you decide to go that route. The kind of NFT it is unlimited as there’s a variety of ways to go about it.
You could be selling digital products, trading cards, game assets, domain names, and some physical items! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the others. There’s no cost for gas for using this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you don’t need to pay on any additional charges.
Very few NFT marketplaces have this feature, so this can be a fantastic way to earn a high return from your portfolio.
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you make more money through this action.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency on these platforms. What Are Good Medias For Nft
You can exchange the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
All of them have the option of exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than others. Because it is based using an ETH blockchain, all wallets which are part of this network are appropriate for this website.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency with the credit card. What Are Good Medias For Nft
To know more about it You can go through their FAQs to get the steps you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- It is not possible to buy or sell items via our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto account is needed for this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions What Are Good Medias For Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to sell their works online, and to accept cryptocurrency as their form of payment. It’s an excellent 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 a vast collection of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legit & secure?
The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of the year 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are safe and secure.
Additionally as a seller you will be verified after you build up your reputation. A blue checkmark will appear to your account or the collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties on OpenSea?
As an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be frequently used on this site and other sites to provide more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned There is an official mobile application from OpenSea for both iOS or Android. Download it at their respective app store and then you can begin browsing through the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts and receive notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).