The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto currency. Markets have popped up all over the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch 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.
OpenSea as an NFT Marketplace 2021 Nft Draft Stage
The purpose of OpenSea was to 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 art without too many difficulties.
When it comes to the registration process, you don’t have to worry about giving too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also operates on the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains, you can choose which one you want to upload your NFT on as seller. This ensures the safety of your NFT, along with those who would like to buy it. All transactions are made using 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 endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to an official artwork by an artist you admire. Anyone can sell, but it takes a while before anyone can become an established one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you could join in with the collection! You can set up your own market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency 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 sure exactly what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can buy includes an NFT. A NFT is a non-fungible token which is extremely individual and cannot be replaced. It could be an item of rareness, such as rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you sell on the internet. More straightforwardly, you can just imagine an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling the ownership of the particular item you uploaded on the market place, but you’re putting it up for sale. Usually, this is recognized when you have filled in the correct information about 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 simply create a collection! Input the appropriate and accurate information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain, payment tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to see 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 you shop for here, and what you could also sell if you choose to go down that path. The kind of NFT it can be is unlimited since there’s a broad range of ways to approach it.
It is possible to sell digital products, trading cards, game assets domain names, even physical assets! Find out what you think 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 when you create and market NFTs. This means you’ll get the most profit when you start selling because you don’t need to pay on extra fees.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to earn a high return from your NFT collection.
A 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 refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more money through this action.
Other NFT marketplaces do not have the same feature This is a further advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency using these platforms. 2021 Nft Draft Stage
You can exchange your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of converting them into ETH which is the most common cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than others. Since it is built mainly using the ETH blockchain, all wallets that share that network will be suitable for this site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage, and the function to buy cryptocurrency using credit cards. 2021 Nft Draft Stage
For more information about the service You can go through their FAQs for an overview of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items via the mobile app.
- Only supports cryptocurrency as its method of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions 2021 Nft Draft Stage
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way for selling their artwork online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs because of its zero gas costs and low commission fees which you are required to pay.
You can browse and shop for an array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a trusted marketplace since its inception in the year 2018. Since its system is based on a blockchain that is secure, you can claim that your transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned on your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is commonly utilized on this website and numerous others to cater for more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access 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. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As mentioned before there’s an official mobile application from OpenSea that is available for iOS as well as Android. Download it at their respective app store and then you can begin browsing through the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive notifications on updates regarding 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/).