Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto-coins. Markets have popped up all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
Get on board, and discover the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, 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 Dapper Labs Nft
The aim for OpenSea was to offer artists with a marketplace/platform to easily upload their commissions without any extra fees. It also has additional functions which allow you to market your artwork without any problems.
For registration, you don’t need to provide too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It is also based on the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains available it is possible to choose which one you would like to upload your NFT on as an seller. This is to ensure the security of your NFT and the people who want to purchase it. Every transaction will be conducted using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist you admire. Anyone can sell, but it takes time for anyone to be an established one.
There’s a huge selection of NFTs available on OpenSea, and you can become a part of this! You can start your own personal market here, along with finding NFTs that you would like to purchase for 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 so long on the internet that many millennials are familiar with it but aren’t exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can buy can be an NFT. A NFT is a token that is non-fungible that is very unique and can’t be changed. This can be an item of any rareness like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could simply consider as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming ownership over that particular token/item that you posted to market, as you’re selling it. Usually, this becomes official once you fill out the correct information about the NFT and then add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and then create a collection! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain, money transfer tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from now on to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself what kind of NFTs you shop for here and what kind of NFTs you can also sell if you decide to go down that path. The type of NFT that you can purchase is unlimited as there’s a variety of how you can go about it.
It is possible to sell digital products, trading cards games domain names, also physical goods! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from other companies. There are zero gas fees when you utilize this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you don’t need to pay on extra fees.
Very few NFT marketplaces offer this feature, and it is a great way to make a huge profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more cash by this method.
Other NFT marketplaces do not have this feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for both iOS as well as Android. While you’re not able to buy or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can convert your fiat money into cryptocurrency through these platforms. Dapper Labs Nft
You can swap the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option to exchange for ETH that is the standard crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built using the ETH blockchain, wallets that share the same network are suitable for this site.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage and the ability to purchase cryptocurrency using the credit card. Dapper Labs Nft
To learn more about it You can go through their FAQs for the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its method of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Dapper Labs Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online, and to accept cryptocurrency as a method of payment. It’s a great option for artists who want to use it to sell NFTs because of its zero cost of gas and low commission fees you must pay.
You can shop and browse the vast array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in 2018. Since its system is built on blockchain technology, it is safe to declare that transactions are protected and secured.
Furthermore, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned on your account or the collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you can get only 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared to others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and many others to accommodate more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile application from OpenSea that is available for iOS as well as Android. Install it from their app store and begin browsing through the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts as well as receive 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/).