Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto currency. Markets have popped up across the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto, you’ve probably heard of OpenSea prior to this for a valid reason. It has become 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 and also see the NFTs available to 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace What Tap For 7/16-20 Nft
The aim for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional costs. It has more functions that let you sell your work without having to deal with many issues.
For registration, you don’t need to worry about giving any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for most processes. It is also based using the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you want to upload your NFT on as an seller. This ensures the safety of your NFT, along with those who wish to purchase it. All transactions will be made using this blockchain, and you must think about where to 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. It is possible to purchase anything as simple as a domain name to official art from an artist that you admire. Anyone can become a seller, but it takes time before anyone can become a reputable one.
There’s a huge selection in the collection at OpenSea, and you can become a part of this! You can create your own market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the cryptocurrency industry, the term “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible token that is individual and cannot be substituted. It can be an item of any rareness, such as rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you sell on the internet. In simpler terms, you could just consider the NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the market place, but you’re putting it up for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and create a collection! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain or payments tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from now to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering which kind of NFT can be found here and what kind of NFTs you can also sell if you choose to pursue that route. The kind of NFT it isn’t limited because there’s a wide range of ways to do it.
You can be selling digital products, trading cards, game assets domain names, even physical assets! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from other companies. There’s no cost for gas for using this feature to make and then sell the NFTs. This means you’ll get the most profit when you begin selling since you don’t need to pay on extra fees.
There aren’t many NFT marketplaces have this feature, and it can be a fantastic way to receive high profit from your portfolio.
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to earn more cash by this method.
Other NFT marketplaces do not have the same feature This is a further benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use to trade your fiat currency for cryptocurrency through these platforms. What Tap For 7/16-20 Nft
You can swap your fiat currency using a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and other things!
Each of them has the option to exchange for ETH that is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built mainly on an ETH blockchain, all wallets with a connection to that network will be suitable for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage as well as the capability to buy cryptocurrency using the credit card. What Tap For 7/16-20 Nft
To know more about it to learn more, check out their FAQs for a rundown of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- You cannot buy or sell products on the mobile app.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions What Tap For 7/16-20 Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use it to sell NFTs due to its no cost of gas and the low commission rate that you have to pay.
You can browse and purchase the vast array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year of 2018. Because its system is based on a blockchain, it is safe to claim that your transactions are safe and secure.
Furthermore as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned to your account or collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is commonly utilized on this website and other sites to provide the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile app by OpenSea for both iOS and Android. You can download it through their app store, and then you can begin exploring the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and get alerts on any updates that affect your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).