The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto-coins. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s explore what you can do with 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 review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Flow Nft
The goal for OpenSea was to provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional charges. It has more functions that let you sell your work without having to deal with many problems.
In terms of the registration process, you don’t have to provide any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It is also based using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains that are available you can pick which one you’d like to transfer your NFT to as a seller. This will ensure the security of your NFT as well as those who would like to buy it. All transactions will be made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork by an artist you admire. Anyone can become a seller, but it takes some time before anyone can become an established seller.
There’s a huge selection from the selection on OpenSea, and you can join in with the collection! You can start your own personal market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t exactly sure what it means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the newest things you can buy can be an NFT. An NFT is a non-fungible token that is unique and can’t be substituted. This can be an item of rareness like rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can simply think of as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the marketplace, and selling it. Typically, this is official once you fill out the proper information regarding the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and simply making a collection to begin! Complete the correct and complete information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain or payments tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering what kind of NFTs can you shop for here, and what you could sell should you decide to go that route. The kind of NFT it can be isn’t limited since there’s a broad range of ways to approach it.
It is possible to sell digital products, trading cards game assets, domain names, and also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the others. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This means you’ll receive the maximum profits when 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 a great way to make a huge profit from your collection.
The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS and Android. While you’re not able to buy or sell things, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency on these platforms. Flow Nft
You can exchange your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
All of these have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built on an ETH blockchain, wallets which are part of that network will be suitable for this website.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage, and the function to purchase cryptocurrency using a credit card. Flow Nft
To learn more about it to learn more, check out their FAQs for the steps you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other 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:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- It is not possible to buy or sell items via the mobile app.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Flow Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can shop and browse the vast array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of 2018. Because its system is built on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared to others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is commonly utilized on this website and many others to accommodate more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile app from OpenSea for both iOS as well as Android. You can download it through their app store, and begin browsing through the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts as well as receive 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/).