The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto-coins. Markets have popped up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces for 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 watch 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.
OpenSea as an NFT Marketplace What Is A Nft Nano Scale
The goal to create OpenSea was to offer a platform/marketplace for artists to upload commissions with no additional fees. It has more functions which allow you to market your artwork without any issues.
For registration, you won’t have to give any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It is also based on the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains available you can pick which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT and the people who want to buy it. Every transaction will be conducted using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist you admire. Anyone can become a seller however it takes a while for anyone to be a reputable one.
There is a wide variety from the selection on OpenSea and you could join in with the collection! You can set up your own marketplace here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t sure exactly what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can buy is an NFT. The NFT is a token that is non-fungible that is individual and cannot be changed. It can be a piece of rarity like mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you sell on the internet. It is simpler to simply consider an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You are calling ownership over that particular token/item that you have uploaded to the marketplace, and offering it for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and finally 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 then create a collection! Complete the correct and complete information about your NFT and select the type of settings you want for it (e.g., blockchain or payments tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself which kind of NFT you shop for here, and what you could sell should you decide to pursue that route. The type of NFT that you can purchase is unlimited since there’s a broad range of how you can do it.
You could be selling trade cards, digital goods game assets domain names, even physical assets! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There are zero gas fees for using this feature to make and then sell the NFTs. This means you’ll be able to make the highest profits once you sell because you won’t have to spend on additional fees.
Not many NFT marketplaces provide this feature, and it is great for you to make a huge profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, which means you can earn more money by this method.
Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. You can’t buy or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on both iOS as well as Android. Although you aren’t able to purchase or sell things, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency through these platforms. What Is A Nft Nano Scale
You can swap your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option of converting them into ETH which is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built on the ETH blockchain, all wallets which are part of this network are appropriate for the site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with a credit card. What Is A Nft Nano Scale
To learn more about it You can go through their FAQs to see an overview of how you can begin 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 pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- Cannot buy or sell through the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions What Is A Nft Nano Scale
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s a great platform for artists who use the platform to market NFTs due to its low gas costs and low commission fee rate which you are required to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace and you must take a look!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year of 2018. Because its system is built on blockchain technology, it is safe to say that your transactions are safe and secure.
In addition as a seller you will be verified after you build up your reputation. A blue checkmark will be assigned to your account or collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How do I earn royalties from OpenSea?
As an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be quite low in comparison to the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile app from OpenSea available for both iOS as well as Android. You can download it through their app store, and begin browsing through the collection right now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).