The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto currency. Markets have popped up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace What Does Nft Stand For Musical
The purpose for OpenSea was to offer artists with a marketplace/platform to upload commissions without any extra charges. It has more functions which allow you to market your art without too many difficulties.
When it comes to the registration process, you don’t have to give any personal information 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 many hassles when you enter into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It also functions with the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains that are available it is possible to choose which one you’d like to upload your NFT on as a seller. This is to ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to official art by an artist you admire. Anyone can be a seller however it takes time before anyone can become an established one.
There is a wide variety from the selection at OpenSea, and you can join in with that! You can start your own marketplace on this site, as well as find NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy can be an NFT. A NFT is a token that is non-fungible that is individual and cannot be changed. This can be a piece of rareness, such as 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 sell on the internet. In simpler terms, you could just think of the NFT being a virtual item which is only paid in cryptocurrency.
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 offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and add it on the market.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and then creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you want for it (e.g., blockchain, payments tokens). After that, you can finally upload it if it fits the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to determine if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
At this point you’re probably asking yourself the kind of NFTs you shop for here, and what you could sell should you decide to pursue that route. The kind of NFT it is indefinite as there’s a variety of how you can do it.
You can be selling digital items, trading cards, game assets, domain names, and some physical items! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the other options. There are zero gas fees when you utilize this feature to create and market NFTs. This means you’ll receive the maximum profits when you sell because you won’t have to spend on extra fees.
Very few NFT marketplaces have this feature, and it can be a fantastic way to receive high profit from your collection.
Referral Program
This Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer rewards by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which means you can make more money by this method.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps of OpenSea are available for both iOS in addition to Android. Even though you can’t buy or sell things, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you to convert your fiat money into cryptocurrency using these platforms. What Does Nft Stand For Musical
You can convert the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
All of these have the option of exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are still more compatible with it than other. Because it is based around the ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here’s a list of different crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with credit cards. What Does Nft Stand For Musical
To learn more about it You can go through their FAQs for a rundown of how you can get started and also what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
Pros
- Mobile apps are available for iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
Cons
- Allows royalties of only 10% to artists (low royalty).
- It is not possible to buy or sell items via this mobile application.
- Only supports cryptocurrency as its type of payment.
- An Crypto wallet is required to use this marketplace.
Pricing
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions What Does Nft Stand For Musical
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists using for selling NFTs due to its no cost of gas and low commission fee rate you must pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace and you must take a look!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year of 2018. Because its system is based on a blockchain that is secure, you can declare that transactions are secure and safe.
Furthermore, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark is placed on your account or the collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison against others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is commonly utilized on this website and many others to accommodate more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As mentioned before there’s an official mobile app from OpenSea for both iOS and Android. Download it at their respective app store and begin exploring the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
