The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto coins. Markets have popped up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, 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 check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace 2021 Nft Draft
The purpose to create OpenSea was to offer artists with a marketplace/platform to upload their commissions without any extra costs. It has more functions that allow you to sell your artwork without any problems.
In terms of registration, you won’t have to worry about giving all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for most processes. It also operates with the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains that are available it is possible to choose which one you would like to publish your NFT as an seller. This ensures the safety of your NFT and the people who want to purchase 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’s like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name, to a piece of art by an artist you admire. Anyone can become a seller, but it takes a while before anyone can become an established seller.
There are a variety of NFTs from the selection at OpenSea, and you can become a part of the collection! You can create your own market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto 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 have heard of it but aren’t exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible currency which is extremely exclusive and cannot be substituted. It can be an item of any rareness like rare baseball trading cards in mint condition, or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you can sell online. It is simpler to just think of an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. It is a way of claiming the ownership of the particular item that you posted to the marketplace, and you’re selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Complete the correct and correct information regarding your NFT and select the type of settings you want to use it with (e.g., blockchain and payments tokens). After that, you can finally upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from now on to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself which kind of NFT be found here and what kind of NFTs you can also sell if you decide to go down that path. The kind of NFT it can be isn’t limited as there’s a variety of how you can approach it.
It is possible to sell digital products, trading cards game assets domain names, some physical items! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from the other options. There are no gas costs when you use this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t have to spend on additional fees.
Very few NFT marketplaces provide this feature, so this is great for you to make a huge profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you make more money by this method.
Other NFT marketplaces don’t have the same feature This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency on these platforms. 2021 Nft Draft
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option of exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly on the ETH blockchain, all wallets which are part of this network are appropriate for this website.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency with the credit card. 2021 Nft Draft
To know more about it to learn more, check out their FAQs to get a rundown of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required for this marketplace.
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 to all the sellers who are on this platform. However, overall, you will easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions 2021 Nft Draft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using for selling NFTs due to its low gas costs and the low commission rate you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year 2018. Since its system is based on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned on your account or the collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and numerous others to cater for many more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile application from OpenSea available for both iOS as well as Android. Install it from their app store and you can start browsing through the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts and get notifications about updates to your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).