Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto currency. Markets have popped up all over the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth a look.
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 users of cryptocurrency due to its security and quick transactions.
So, hop on board and discover what you can do with OpenSea and also see the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace When Does The Regular Season Nft End
The purpose to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra charges. It has more functions which allow you to market your work without having to deal with many difficulties.
When it comes to registration, you don’t need to worry about giving any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It is also based using the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains you can pick which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT as well as those who wish to buy it. All transactions will be made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes some time for anyone to be a reputable one.
There is a wide variety in the collection of NFTs available at OpenSea and you could join in with the collection! You can start your own personal market on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with it but aren’t sure exactly what it means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible currency which is extremely exclusive and cannot be substituted. It can be an item of rareness like mint-condition baseball trading cards, or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object that you can sell online. More straightforwardly, you can just imagine an NFT as a digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the ownership of the particular item that you posted to the marketplace, and you’re putting it up for sale. Typically, this is official after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and making a collection to begin! Fill out the proper and correct information regarding your NFT and select the type of settings you want for it (e.g., blockchain, payments tokens). After that you are able to upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from now to see whether OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself which kind of NFT be purchased here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT that you can purchase is unlimited because there’s a wide range of options for how to do it.
It is possible to sell digital products, trading cards game assets, domain names, and some physical items! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the other options. There’s no cost for gas when you use this feature when you mint and sell NFTs. This means you’ll be able to make the highest profits once you sell because you won’t need to spend on any additional charges.
Not many NFT marketplaces offer this feature, and it can be a fantastic way to receive high profit from your portfolio.
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more cash through this action.
Other NFT marketplaces do not have this feature and that’s another benefit 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. You can’t buy or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Even though you can’t buy or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can convert your fiat money into cryptocurrency using these platforms. When Does The Regular Season Nft End
You can convert your fiat money via your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option to exchange for ETH that is the primary crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built on the ETH blockchain, wallets that share this network are appropriate for this website.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only and the ability to purchase cryptocurrency with credit cards. When Does The Regular Season Nft End
For more information about the service, you can check their FAQs to get the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions When Does The Regular Season Nft End
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists using it to sell NFTs because of its zero gas costs and the low commission rate that you have to pay.
You can browse and shop for an array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year of 2018. Since its system is built on blockchain technology that is secure, you can say that your transactions are safe and secure.
Additionally as a seller you can become verified once you have built up your credibility. A blue checkmark will appear next to your account or any collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties from OpenSea?
As an artist, you can be paid only 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared to others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be widely used on this site and many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before there’s an official mobile application from OpenSea available for both iOS as well as Android. Download it at their respective app store and you can start exploring the collection now!
The version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts and receive alerts on any updates that affect your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).