Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Fantasy 2021 Nft Draft
The goal for OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions with no additional costs. It also has additional functions that allow you to sell your artwork without any issues.
In terms of registration, you won’t have to give all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It is also based using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains that are available it is possible to choose which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT, along with those who would like to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to official art from an artist that you admire. Anyone can sell however, it takes a while before anyone can become an established one.
There are a variety of NFTs in the collection of NFTs available at OpenSea, and you can also be a part of the collection! You can create your own market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. A NFT is a token that is non-fungible that is very unique and can’t be replaced. This can be an item of rareness, such as authentic baseball cards or rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object that you sell on the internet. In simpler terms, you could just imagine as an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you posted to market, as putting it up for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and then making a collection to begin! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain or money transfer tokens). After you’ve completed the process, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now on to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about the kind of NFTs you shop for here and what kind of NFTs you can also sell if you choose to pursue that route. The kind of NFT it can be is indefinite because there’s a wide range of ways to approach it.
You can be selling trade cards, digital goods games, domain names, and even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs when you utilize this feature when you create and market NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, which is why this is great for you to earn a high return from your portfolio.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets that offer rewards by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50% of the sale amount, letting you earn more money through this action.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you to convert your fiat money into cryptocurrency through these platforms. Fantasy 2021 Nft Draft
You can convert your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
All of them 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 nevertheless more compatible than other. Since it is built on an ETH blockchain, wallets that share the same network are suitable for the site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only and the ability to buy cryptocurrency using the credit card. Fantasy 2021 Nft Draft
To learn more about it to learn more, check out their FAQs to see a rundown of how you can begin and which other wallets are compatible 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 view its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- It is not possible to buy or sell items via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Fantasy 2021 Nft Draft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform 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 because of its zero cost of gas and low commission fee rate you must pay.
You can browse and purchase an array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded in the year of 2018. Because its system is based on a blockchain that is secure, you can declare that transactions are protected and secured.
Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark will appear to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be reasonably low compared against others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been widely used on this site as well as numerous others to cater for the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned, there is definitely an official mobile application from OpenSea available for both iOS and Android. You can download it through their app store and then you can begin browsing through the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app 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/).