The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto-coins. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see the possibilities of OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Wpra At Nft Finals
The goal of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional fees. It has more functions which allow you to market your art without too many issues.
When it comes to registration, you won’t have to give any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency to use within 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 functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains available, you can choose which one you want to publish your NFT as a seller. This ensures the safety of your NFT and those who would like to buy it. Every transaction will be conducted using this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist you admire. Anyone can be a seller however, it takes a while before anyone can become an established seller.
There is a wide variety of NFTs available on OpenSea and you can join in with the collection! You can create your own personal market on this site, as well as find NFTs that you would like to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can buy is an NFT. The NFT is a token that is non-fungible that is exclusive and cannot be replaced. It could be an item of any rareness like authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you can sell online. More straightforwardly, you can simply consider an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling the shots to your NFTs. It is a way of claiming the owner of the item or token that you posted to market, as you’re offering it for sale. Typically, this is official when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and then creating a collection to start! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like to use it with (e.g. blockchain or payments tokens). After that, you can finally upload it if it fits the limit of 100MB.
You can watch and see the way transactions are handled from now 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 thinking about what kind of NFTs can be purchased here, and what you could also sell if you choose to go down that path. The type of NFT it can be is unlimited because there’s a wide range of how you can go about it.
You could be selling trade cards, digital goods game assets, domain names, and some physical items! 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 sets OpenSea from the other options. There are no gas costs when you use this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t need to spend on additional fees.
Very few NFT marketplaces offer this feature, which is why this is great for you to make a huge profit from your NFT collection.
Referral Program
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, letting you earn more money by this method.
Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available on both iOS and Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Wpra At Nft Finals
You can swap your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
Each of them has the option to exchange for ETH that is the primary crypto payment in OpenSea.
Crypto Wallets
While OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built around the ETH blockchain, all wallets that share the same network are suitable for the site.
Here is a list of several crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. Wpra At Nft Finals
To learn more about it to learn more, check out their FAQs for a rundown of how you can begin and which other wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
Pros
- Mobile apps are available for iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
Cons
- Allows royalty rates of 10% for artists (low royalties).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
Pricing
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Wpra At Nft Finals
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed 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 for selling NFTs because of its zero gas costs and low commission fees which you are required to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year of 2018. Because its system is built on blockchain technology, it is safe to declare that transactions are protected and secured.
In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear next to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you can get only 10% of the royalties once you upload the NFT. This is considered to be a reasonable amount compared with other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as many others to accommodate more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before There is an official mobile app by OpenSea that is available for iOS and Android. You can download it through their app store and then you can begin browsing through the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
