The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto currency. Marketplaces are popping up all over the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and discover the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, 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.
OpenSea as an NFT Marketplace What Does Nft Mean In Animal Jam
The aim to create OpenSea was to simply provide an online marketplace for artists to upload their 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 too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also functions on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains available it is possible to choose which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT, along with the people who want to buy it. All transactions will be made along with this blockchain, and you must consider 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 for other NFTs. It is possible to purchase anything just a domain name to official art by an artist you admire. Anyone can be a seller however it takes some time for anyone to become an established seller.
There’s a huge selection from the selection of NFTs available at OpenSea and you could become a part of the collection! You can set up your own personal market here, along with finding NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto market, the term “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 look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible currency that is exclusive and cannot be changed. This can be a piece of rarity like rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible object that you can sell on the internet. In simpler terms, you could simply imagine an NFT as a digital item that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling the shots on your own NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the marketplace, and you’re selling it. Usually, this becomes official when you have filled in the proper information regarding the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and creating a collection to start! Fill out the proper and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g., blockchain and money transfer tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see how transactions progress from now on to determine whether OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
So, at this point you’re probably thinking about what kind of NFTs you shop for here and what kind of NFTs you can also sell if you decide to go down that path. The type of NFT it is indefinite since there’s a broad range of options for how to do it.
It is possible to sell digital products, trading cards, game assets, domain names, and even physical assets! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from other companies. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, and it is a great way to receive high profit from your portfolio.
Referral Program
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the sales amount, which means you can earn more money through this action.
Other NFT marketplaces do not have this feature This is a further benefit OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it’s mostly used 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 for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can explore the products 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 trade your fiat currency for cryptocurrency on these platforms. What Does Nft Mean In Animal Jam
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
All of them have the option of exchange for ETH, which is the primary crypto payment in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built around the ETH blockchain, wallets that share the same network are suitable for this site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, mobile-only usage and the ability to buy cryptocurrency using a credit card. What Does Nft Mean In Animal Jam
To learn more about it, you can check their FAQs to see the steps you can get started and which other 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. You can read about its pros and cons here:
Pros
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
Cons
- Allows royalties 10% to artists (low royalties).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- A Crypto wallet is required to use this marketplace.
Pricing
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions What Does Nft Mean In Animal Jam
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists using the platform to market NFTs because of its zero gas fees and the low commission rate that you have to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year of 2018. Since its system is built on a blockchain, it is safe to claim that your transactions are safe and secure.
In addition, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark is placed next 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 safe.
How can I earn royalties from OpenSea?
As an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be widely used on this site and other sites to provide more crypto users. These are other cryptos you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can utilize to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier There is an official mobile app by OpenSea that is available for iOS and Android. Install it from their app store and begin exploring the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app 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/).
