The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto coins. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and let’s explore what you can do with OpenSea and also see the NFTs available to view!
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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Leveling Nft Slope Drain
The purpose to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional costs. It also has additional functions which allow you to market your art without too many difficulties.
For registration, you don’t need to worry about giving any personal information about yourself. All you need to 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 well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains available, you can choose which one you would like to transfer your NFT to as seller. This is to ensure the security of your NFT as well as the people who want to purchase it. Every transaction will be conducted along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name to an official artwork from an artist that you admire. Anyone can become a seller however it takes time before anyone can become an established seller.
There’s a huge selection in the collection at OpenSea and you can become a part of the collection! You can set up your own market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto market, the term “NFT” has been going around for so long on internet that many millennials are familiar with it , but not exactly sure what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can buy includes an NFT. A NFT is a non-fungible token that is exclusive and cannot be replaced. This can be an item of rarity like authentic baseball cards, or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can just think of an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and you’re offering it for sale. Usually, this becomes official after you fill in the correct information about the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and then creating a collection to start! Complete the correct and accurate information about your NFT and then select what type of settings you’d like for it (e.g., blockchain or payment tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how the transactions go from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself which kind of NFT be found here and what you can also sell if you decide to go down that path. The type of NFT it is indefinite because there’s a wide range of ways to approach it.
It is possible to sell digital products, trading cards game assets domain names, even physical assets! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs when you use this feature to mint and sell NFTs. This means you’ll receive the maximum profits when you begin selling since you don’t need to pay on any additional charges.
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 distinctive feature of OpenSea to admire. Similar to traditional online markets that offer benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency through these platforms. Leveling Nft Slope Drain
You can swap your fiat currency using a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option to exchange for ETH which is the standard cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than other. Since it is built mainly around an ETH blockchain, any wallets that share that network will be suitable for this website.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using the credit card. Leveling Nft Slope Drain
To know more about it You can go through their FAQs to see the steps you can start and which other wallets work 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. You can read about its pros and cons here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- You cannot buy or sell products on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Leveling Nft Slope Drain
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 a great platform for artists who use for selling NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established at the end of 2018. Since its system is built on blockchain technology, it is safe to claim that your transactions are safe and secure.
Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear on your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is believed to be quite low in comparison to other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for many more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier There is an official mobile application from OpenSea available for both iOS or Android. You can download it through their app store, and then you can begin exploring the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and receive alerts on any updates that affect 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/).