Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto currency. Markets have popped up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace 2021 Nft Draft First Pick Overall
The aim for OpenSea was to offer an online marketplace for artists to upload commissions, without having to pay any additional charges. It also has additional functions that let you sell your art without too many problems.
For registration, you won’t have 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 and without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also operates on the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains that are available, you can choose which one you want to publish your NFT as a seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions are made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to official art from an artist that you admire. Anyone can sell, but it takes a while for anyone to become a reputable one.
There are a variety of NFTs in the collection at OpenSea and you can become a part of this! You can create your own personal market on this site, as well as find NFTs you want to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t sure exactly what it is. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. It could be an item of rarity like rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible object you’re selling online. It is simpler to simply think of an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is similar to calling for dibs on your own NFTs. You’re claiming the ownership of the particular item that you posted to market, as putting it up for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain and payment tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how transactions progress from now to determine whether OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
In this moment, 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 go down that path. The type of NFT it can be is unlimited as there’s a variety of how you can approach it.
It is possible to sell digital products, trading cards games domain names, also physical goods! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the others. There are no gas costs when you use this feature to create and market NFTs. This means you’ll get the most profit when you start selling because you won’t have to spend on additional fees.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to receive high profit from your NFT collection.
Referral Program
This Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more money from this act.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
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 something, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency through these platforms. 2021 Nft Draft First Pick Overall
You can convert your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
All of these have the option of exchange for ETH which is the most common cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly using the ETH blockchain, wallets that share this network are appropriate for the site.
Here is a list of different crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only, and the function to purchase cryptocurrency with a credit card. 2021 Nft Draft First Pick Overall
To know more about it You can go through their FAQs for an overview of how you can start and also what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. 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 are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
Cons
- Allows royalties of only 10% to artists (low royalty rates).
- You cannot buy or sell products via our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed to use this marketplace.
Pricing
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions 2021 Nft Draft First Pick Overall
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its no gas costs and low commission fees which you are required to pay.
You can browse and purchase an array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Since its system is built on blockchain technology, it is safe to declare that transactions are protected and secured.
In addition as a seller you can become verified once you have built up your credibility. A blue checkmark will appear on your account or collection you uploaded to reassure any customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10% of the royalties once you upload the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is widely used on this site and many others to accommodate more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier There is an official mobile app from OpenSea for both iOS and Android. You can download it through their app store and begin exploring the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and get notifications about updates to 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/).
