Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Will Nfts Die Out
The aim for OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional costs. There are additional features that allow you to sell your artwork without any issues.
For registration, you don’t need to worry about giving any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for the majority of transactions. It also functions on the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains that are available you can pick which one you want to transfer your NFT to as seller. This is to ensure the security of your NFT, along with those who wish to buy it. All transactions are made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to an official artwork by an artist you admire. Anyone can become a seller however, it takes some time for anyone to become an established seller.
There is a wide variety from the selection of NFTs available at OpenSea and you can become a part of this! You can set up your own personal market here, along with finding NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. A NFT is a token that is non-fungible which is extremely individual and cannot be substituted. It could be a piece of rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object you’re selling online. In simpler terms, you could just think of the NFT being a virtual collectible paid via cryptocurrency only.
Minting NFTs
Minting is like calling the shots to your NFTs. You’re claiming the ownership of the particular item that you have uploaded to the marketplace, and selling it. Typically, this is official once you fill out the proper information regarding the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and create a collection! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain or money transfer tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from here on out to determine whether OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
At this point, you’re probably wondering the kind of NFTs can be found here and what kind of NFTs you can also sell if you choose to pursue that route. The type of NFT that you can purchase isn’t limited as there’s a variety of how you can go about it.
You could be selling digital items, trading cards game assets domain names, even physical assets! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from the others. There are no gas costs for using this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you sell because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces have this feature, so this is a great way to receive high profit from your portfolio.
Referral Program
This Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are advantages when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Even though you can’t buy or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use to convert your fiat money into cryptocurrency through these platforms. Will Nfts Die Out
You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
Each of them has the option of converting them into ETH which is the primary cryptocurrency payment option in OpenSea.
Crypto Wallets
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly around an ETH blockchain, wallets which are part of the same network are suitable for this site.
Here is a list of several crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only and the ability to buy cryptocurrency using the credit card. Will Nfts Die Out
For more information about the service, you can check their FAQs to get 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 has its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
Pros
- Mobile apps available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
Cons
- Allows royalties of only 10% for artists (low royalty).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto account is needed to use this marketplace.
Pricing
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Will Nfts Die Out
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online, and to accept cryptocurrency as a method of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its low gas fees and low commission fee rate which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace, so you should go through it!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of the year 2018. Because its system is built on blockchain technology and is secured, it is safe to declare that transactions are secure and safe.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed on your account or any collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you can receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared against the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been frequently used on this site and other sites to provide many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile app from OpenSea that is available for iOS and Android. Download it at their respective app store and you can start browsing through the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
