The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto coins. Markets have popped up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Which Us Better For Nft Pvc Pipe Or Vinyl Fence Posts
The goal for OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional costs. It has more functions that let you sell your artwork without any problems.
When it comes to 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 on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It also functions using the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains you can pick which one you would like to publish your NFT as an seller. This will ensure the security of your NFT as well as the people who want to buy it. Every transaction will be conducted along with this blockchain, which is why you need to 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 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 be a seller, but it takes some time for anyone to become a reputable one.
There are a variety of NFTs from the selection of NFTs available at OpenSea, and you can also be a part of the collection! You can create your own market here, along with finding NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it but not exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can buy can be an NFT. A NFT is a token that is non-fungible that is very unique and can’t be changed. It could be an item of any rareness like rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you can sell online. It is simpler to just think of an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling the shots on your own NFTs. You’re claiming the owner of the item or token that you posted to the market place, but you’re putting it up for sale. Typically, this is official once you fill out the correct information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and simply making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you want for it (e.g. blockchain and payment tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how the transactions go from here on out to see whether OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
So, at this point, you’re probably wondering the kind of NFTs you shop for here and what you can also sell if you decide to go down that path. The kind of NFT that you can purchase is unlimited since there’s a broad range of how you can do it.
You can be selling digital products, trading cards games, domain names, and even physical assets! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the other options. There are no gas costs when you use this feature to make and then sell the NFTs. This means you’ll be able to make the highest profits once you begin selling since you don’t need to pay on any additional charges.
Not many NFT marketplaces have this feature, and it is great for you to earn a high return from your collection.
Referral Program
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50% of the sale amount, letting you make more money by this method.
Other NFT marketplaces don’t offer this kind of feature either This is a further benefit OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. While you’re not able to buy or sell anything, you can still look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency on these platforms. Which Us Better For Nft Pvc Pipe Or Vinyl Fence Posts
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:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
Each of them has the option of converting them into ETH which is the standard cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly using the ETH blockchain, any wallets that share that network will be suitable for this site.
Here’s a list several crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using a credit card. Which Us Better For Nft Pvc Pipe Or Vinyl Fence Posts
To know more about it, you can check their FAQs to get a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
Pros
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
Cons
- Allows royalties of only 10% to artists (low royalty).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required to access this marketplace.
Pricing
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Which Us Better For Nft Pvc Pipe Or Vinyl Fence Posts
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to sell their works online to receive cryptocurrency as their form of payment. It’s a great platform for artists who use the platform to market NFTs due to its low gas costs and low commission fee rate that you have to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a reliable marketplace since its inception in the year of 2018. Since its system is based on a blockchain that is secure, you can claim that your transactions are safe and secure.
Additionally as a seller you’ll be verified when you have built up your credibility. A blue checkmark will appear on your account or collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is widely used on this site as well as many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need 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 definitely an official mobile app by OpenSea for both iOS as well as Android. Download it at their respective app store and begin exploring the collection now!
The desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app 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/).
