Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and let’s explore what you can do with OpenSea and also see what NFTs you can view!
Before you continue, 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Winkelvoss Nft
The goal to create OpenSea was to simply provide a platform/marketplace for artists to upload their commissions, without having to pay any additional charges. There are additional features that let you sell your artwork without any issues.
When it comes to registration, you won’t have to provide too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It also operates on the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains available it is possible to choose which one you want to upload your NFT on as a seller. This ensures the safety of your NFT and those who wish to purchase it. Every transaction will be conducted along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can become a seller however, it takes time before anyone can become a reputable one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you could also be a part of that! You can set up your own marketplace on this site, as well as find NFTs that you would like to purchase for 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 internet that a lot of millennials are familiar with it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the newest things you can buy can be an NFT. A NFT is a non-fungible token that is individual and cannot be substituted. This can be an item of rarity like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you sell online. More straightforwardly, you can just think of as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to the market place, but offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and simply making a collection to begin! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain or payment tokens). After that you are able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how transactions progress from here on out to see if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
In this moment you’re probably asking yourself the kind of NFTs can be found here and what you can also sell if you choose to go down that path. The type of NFT it can be is unlimited as there’s a variety of ways to go about it.
You could be selling trade cards, digital goods games, domain names, and some physical items! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the other options. There are zero gas fees for using this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, and it is great for you to earn a high return from your portfolio.
Referral Program
A Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t offer the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS as well as Android. Even though you can’t buy or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you to exchange your fiat money for cryptocurrency through these platforms. Winkelvoss Nft
You can exchange your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and other things!
Each of them has the option of exchange for ETH, which is the primary cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based using the ETH blockchain, all wallets with a connection to the same network are suitable for the site.
Here’s a list of different 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 wallet has its own restrictions like easy registration, only mobile usage and the ability to purchase cryptocurrency using credit cards. Winkelvoss Nft
For more information about the service You can go through their FAQs to get an overview of how you can get started and which other wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with 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 support of blockchain.
- Best for beginners in the crypto market and NFTs.
Cons
- Allows royalty rates of 10% to artists (low royalties).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- An Crypto wallet is required for this marketplace.
Pricing
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Winkelvoss Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to market their work online to receive cryptocurrency as a form 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 you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year 2018. Because its system is built on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned to your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties from OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be commonly used on this site and other sites to provide more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile app from OpenSea for both iOS or Android. Install it from their app store, and you can start browsing through the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect 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/).
