The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto currency. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and quick 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. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Where To Trade Nft Tokens
The purpose for OpenSea was to simply provide a platform/marketplace for artists to upload their commissions without any extra charges. It has more functions which allow you to market your art without too many problems.
For registration, you don’t need to give all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for most processes. It also operates with the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains that are available you can pick which one you’d like to publish your NFT as an seller. This ensures the safety of your NFT, along with those who would like to buy it. All transactions will be made along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name, to a piece of art from an artist you admire. Anyone can sell, but it takes time before anyone can become an established seller.
There is a wide variety of NFTs available on OpenSea, and you can also be a part of this! You can start your own market there, and also find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the cryptocurrency industry the term “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency that is very individual and cannot be changed. It can be an item of any rareness like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item you’re selling on the internet. More straightforwardly, you can just imagine an NFT being a virtual item that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and you’re putting it up for sale. Typically, this is official when you have filled in all the necessary information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and simply making a collection to begin! Fill out the proper and complete information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain or payment tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from here on out to determine if OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
So, at this point you’re probably asking yourself what kind of NFTs can you shop for here, and what you could also sell if you choose to go that route. The type of NFT it is indefinite because there’s a wide range of options for how to go about it.
You can be selling digital items, 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
The collection Manager function is the one that sets OpenSea from other companies. There are no gas costs when you use this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you start selling because you won’t have to spend on extra fees.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to receive high profit from your collection.
Referral Program
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer benefits when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to make more money by this method.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for both iOS as well as Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency through these platforms. Where To Trade Nft Tokens
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
All of them have the option of exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than other. Since it is built around the ETH blockchain, all wallets with a connection to the same network are suitable for the site.
Here’s a list several crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with credit cards. Where To Trade Nft Tokens
For more information about the service to learn more, check out their FAQs for a rundown of how you can get started and what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
Pros
- Available as mobile apps for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
Cons
- Allows royalty rates of 10% to artists (low royalties).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto wallet is required for this marketplace.
Pricing
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Where To Trade Nft Tokens
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists using the platform to market NFTs because of its zero gas fees and low commission fee rate 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 take a look!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year of 2018. Because its system is based on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
Additionally as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned next to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can get only 10% of the royalties once you upload the NFT. This is thought to be quite low in comparison to other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and other sites to provide the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before, there is definitely an official mobile app by OpenSea that is available for iOS and Android. Install it from their app store and then you can begin browsing through the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and get notifications about updates to 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/).
