The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s explore 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. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Who Does Reggie Bush Play For In The Nft?
The goal to create OpenSea was to offer an online marketplace for artists to upload their commissions with no additional costs. There are additional features that let you sell your art without too many difficulties.
When it comes to the registration process, you don’t have to provide any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for the majority of transactions. It also operates using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains that are available you can pick which one you’d like to publish your NFT as a seller. This is to ensure the security of your NFT, along with the people who want to buy it. All transactions are made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to an official artwork by an artist you admire. Anyone can become a seller, but it takes some time for anyone to be an established seller.
There is a wide variety of NFTs available at OpenSea, and you can join in with the collection! You can start your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto industry, 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 sure exactly what it actually means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token which is extremely individual and cannot be replaced. It could be an item of rarity like authentic baseball cards, or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible object that you sell online. More straightforwardly, you can simply consider as an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as putting it up for sale. Usually, this is recognized once you fill out the correct information about the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and then create a collection! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain and payments tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how the transactions go from now to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering what kind of NFTs be found here, and what you could sell should you decide to pursue that route. The type of NFT it can be isn’t limited as there’s a variety of how you can go about it.
You could be selling digital products, trading cards games, domain names, and some physical items! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from other companies. There are zero gas fees for using this feature when you mint and sell NFTs. This means you’ll receive the maximum profits when you start selling because you won’t have to spend on extra fees.
Not many NFT marketplaces provide this feature, which is why this can be a fantastic way to make a huge profit from your collection.
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to make more money from this act.
Other NFT marketplaces do not have this kind of feature either This is a further benefit OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least 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 convert your fiat money into cryptocurrency on these platforms. Who Does Reggie Bush Play For In The Nft?
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
All of these have the option of exchange for ETH that is the standard crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Since it is built around an ETH blockchain, all wallets with a connection to this network are appropriate for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. Who Does Reggie Bush Play For In The Nft?
To know more about it You can go through their FAQs to see an overview of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- It is not possible to buy or sell items via the mobile app.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Who Does Reggie Bush Play For In The Nft?
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists using it to sell NFTs because of its zero gas fees and the low commission rate that you have to pay.
You can shop and browse the vast array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established in 2018. Since its system is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned on your account or any collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties after you upload the NFT. This is considered to be reasonably low compared against others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely used on this site and numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile 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 which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts as well as receive notifications on updates regarding 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/).