The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto coins. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea and also see the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Wwe Undertaker Nft
The purpose to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions, without having to pay any additional costs. It also has additional functions that allow you to sell your artwork without any problems.
When it comes to registration, you don’t need to give too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains that are available you can pick which one you would like to publish your NFT as a seller. This is to ensure the security of your NFT as well as those who wish to buy it. Every transaction will be conducted along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller however, it takes a while for anyone to be an established one.
There’s a huge selection from the selection on OpenSea, and you can become a part of this! You can start your own personal market there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials have heard of it but not exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible currency that is individual and cannot be substituted. It can be a piece of rarity like 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 item you’re selling online. In simpler terms, you could simply consider as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You are calling ownership over that particular token/item that you posted to the marketplace, and putting it up for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and then making a collection to begin! Complete the correct and complete information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain, money transfer tokens). After that, you can finally upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from now on to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself what kind of NFTs can be purchased here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT it can be isn’t limited since there’s a broad range of how you can go about it.
You could be selling digital products, trading cards games domain names, also physical goods! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you sell because you won’t need to spend on extra fees.
Not many NFT marketplaces provide this feature, which is why this is a great way to earn a high return from your NFT collection.
The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use to exchange your fiat money for cryptocurrency using these platforms. Wwe Undertaker Nft
You can convert your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and other things!
All of these have the option of converting them into ETH which is the primary crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based on the ETH blockchain, wallets with a connection to the same network are suitable for this website.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage and the ability to purchase cryptocurrency with the credit card. Wwe Undertaker Nft
To know more about it, you can check their FAQs for a rundown of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, 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:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Wwe Undertaker Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its no gas fees and the low commission rate that you have to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established at the end of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
Furthermore as a seller you can become verified once you’ve earned a reputation. A blue checkmark is placed next to your account or the collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier there’s an official mobile application from OpenSea available for both iOS or Android. You can download it through their app store, and you can start exploring the collection now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app, 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/).