Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace What Is Event Cinem Nft Mean
The goal for OpenSea was to offer artists with a marketplace/platform to upload commissions, without having to pay any additional charges. It also has additional functions which allow you to market your artwork without any problems.
For registration, you don’t need to provide too many details about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also functions using the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains you can pick which one you want to upload your NFT on as a seller. This ensures the safety of your NFT and those who wish to purchase it. All transactions will be made using this blockchain, which is why you need to 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. You can purchase anything from just a domain name to official art 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 can join in with the collection! You can start your own personal market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto market, 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 is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things you can buy is an NFT. An NFT is a non-fungible token that is exclusive and cannot be changed. This can be an item of rareness, such as rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell online. In simpler terms, you could just consider the NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming the owner of the item or token that you posted to the market place, but putting it up for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then making a collection to begin! Input the appropriate and accurate information about your NFT and select the type of settings you’d like for it (e.g. blockchain or payments tokens). After you’ve completed the process, you can finally upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from now on to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself what kind of NFTs you shop for here, and what you could also sell if you decide to go that route. The kind of NFT it can be isn’t limited as there’s a variety of options for how to approach it.
It is possible to sell trade cards, digital goods, game assets domain names, even physical assets! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the other options. There are no gas costs when you use this feature to create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t need to spend on additional fees.
Not many NFT marketplaces provide this feature, and it is a great way to make a huge profit from your portfolio.
A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets, you can receive rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can earn more cash by this method.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. Even though you can’t buy 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 to you to exchange your fiat money for cryptocurrency through these platforms. What Is Event Cinem Nft Mean
You can convert your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
All of these have the option to exchange for ETH which is the most common cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are still more compatible with it than other. Since it is built on an ETH blockchain, any wallets which are part of this network are appropriate for this website.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using a credit card. What Is Event Cinem Nft Mean
For more information about the service, you can check their FAQs to see an overview of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps available that are compatible with iOS or 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 royalty rates of up to 10% for artists (low royalties).
- You cannot buy or sell products on our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed for this marketplace.
OpenSea is open 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. But overall, you can easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions What Is Event Cinem Nft Mean
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to market their work online to receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its no cost of gas and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception in 2018. Because its system is built on blockchain technology that is secure, you can claim that your transactions are secure and safe.
Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear to your account or any collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is commonly utilized on this website and many others to accommodate many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea available for both iOS and Android. Install it from their app store and then you can begin browsing through the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application, you can 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/).