The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto-coins. Markets have popped up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace What Does Nft Mean In Texting
The aim for OpenSea was to offer an online marketplace for artists to upload their commissions without any extra fees. There are additional features that allow you to sell your art without too many issues.
For the registration process, you don’t have to worry about giving too many details about yourself. All you have to connect your cryptocurrency 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 that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It also operates on the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains you can pick which one you’d like to publish your NFT as an seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions are made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist you admire. Anyone can sell however it takes some time for anyone to become an established one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you could become a part of the collection! You can set up your own market here, along with finding NFTs that you would like to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the crypto market, the term “NFT” has been going around so long on the internet that many millennials are familiar with it but not exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible token which is extremely exclusive and cannot be replaced. This can be a piece of rarity like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object that you can sell on the internet. It is simpler to just think of an NFT as a digital item that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling the shots for your personal NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the marketplace, and selling it. Usually, this is recognized after you fill in the proper information regarding the NFT and add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and simply creating a collection to start! Fill out the proper and correct information regarding your NFT and select the type of settings you want for it (e.g. blockchain, payments 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 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 get here?
At this point you’re probably thinking about the kind of NFTs be purchased here and what you can also sell if you decide to pursue that route. The kind of NFT it can be isn’t limited as there’s a variety of how you can approach it.
You can be selling digital products, trading cards game assets domain names, also physical goods! Explore what you believe can reap the best rewards 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 are zero gas fees when you utilize this feature when you create and market NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, so this is a great way to earn a high return from your collection.
Referral Program
A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to earn more money through this action.
Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency on these platforms. What Does Nft Mean In Texting
You can exchange your fiat currency using a credit card or Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and more!
Each of them has the option to exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than other. Since it is built mainly using the ETH blockchain, all wallets which are part of the same network are suitable for the site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency using a credit card. What Does Nft Mean In Texting
To learn more about it, you can check their FAQs for a rundown of how you can start and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
Pros
- Available as mobile apps for iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
Cons
- Allows royalty rates of 10% to artists (low royalties).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to access this marketplace.
Pricing
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions What Does Nft Mean In Texting
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use for selling NFTs due to its no gas costs and low commission fees that you have to pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded in 2018. Since the system it operates on is based on a blockchain, it is safe to declare that transactions are secure and safe.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed next to your account or any collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you can be paid only 10% of the royalties once you upload the NFT. This is thought to be reasonably low compared against other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be frequently used on this site and other sites to provide many more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned, there is definitely an official mobile app from OpenSea available for both iOS and Android. Install it from their app store, and begin exploring the collection now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and 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/).
