The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, 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 review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace What Os Nft
The purpose for OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions without any extra charges. It also has additional functions that allow you to sell your work without having to deal with many issues.
In terms of registration, you don’t need to give too many details about yourself. All you need 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.
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also functions on the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains it is possible to choose which one you’d like to upload your NFT on as a seller. This will ensure the security of your NFT and those who would like to purchase it. All transactions will be made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to official art by an artist you admire. Anyone can become a seller, but it takes some time before anyone can become an established seller.
There’s a huge selection from the selection at OpenSea, and you can join in with this! 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 advancement for the crypto market, the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can buy is an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be substituted. It could be an item of rareness like authentic baseball cards or rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible item you’re selling online. It is simpler to just imagine the NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you posted to market, as offering it for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and creating a collection to start! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain and payments tokens). After that you are able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how the transactions go from here on out to see whether OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself what kind of NFTs be found here and what you can also sell if you decide to go that route. The kind of NFT that you can purchase isn’t limited since there’s a broad range of how you can go about it.
You could be selling trade cards, digital goods, game assets domain names, some physical items! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on additional fees.
Not many NFT marketplaces offer this feature, so this can be a fantastic way to receive high profit from your portfolio.
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to convert your fiat money into cryptocurrency through these platforms. What Os Nft
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
Each of them has the option of exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly around an ETH blockchain, any wallets which are part of that network will be suitable for the site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: 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 using credit cards. What Os Nft
To learn more about it to learn more, check out their FAQs to get a rundown of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available for iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions What Os Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online and receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its low cost of gas and low commission fee rate that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year 2018. Since the system it operates on is built on a blockchain that is secure, you can say that your transactions are safe and secure.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will appear next to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison against others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through 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 application?
As we mentioned earlier There is an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store, and begin browsing through the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as receive notifications on updates regarding your account when you’re on the desktop.