The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking 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. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Airdrop
The goal of OpenSea was to provide a platform/marketplace for artists to easily upload their commissions with no additional charges. It also has additional functions which allow you to market your art without too many difficulties.
When it comes to the registration process, you don’t have to provide all of your personal details. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains available it is possible to choose which one you want to upload your NFT on as a seller. This ensures the safety of your NFT as well as those who would like to buy 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 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 just a domain name to official art from an artist you admire. Anyone can sell however it takes a while for anyone to be an established one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you could become a part of this! You can start your own personal market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto industry, the term “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 means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible currency that is individual and cannot be changed. It could be a piece of rareness, such as mint-condition baseball trading cards, or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. It is simpler to just imagine as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You are calling ownership over that particular token/item you uploaded on the marketplace, and you’re selling it. Usually, this becomes official after you fill in the proper information regarding the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and creating a collection to start! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain or money transfer tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how the transactions go from now on to see if OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself the kind of NFTs can be found here and what you can sell should you decide to go down that path. The kind of NFT that you can purchase isn’t limited because there’s a wide range of options for how to approach it.
You can be selling digital products, trading cards game assets, domain names, and some physical items! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from the other options. There are zero gas fees for using this feature to create and market NFTs. This simply means that you’ll get the most profit when you sell because you won’t need to spend on additional fees.
Not many NFT marketplaces provide this feature, which is why this can be a fantastic way to earn a high return from your collection.
A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, which means you can make more money through this action.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you to exchange your fiat money for cryptocurrency using these platforms. Nft Airdrop
You can convert the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than other. Since it is built around an ETH blockchain, all wallets that share this network are appropriate for this website.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency using credit cards. Nft Airdrop
For more information about the service, you can check their FAQs to get an overview of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalties).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Airdrop
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online, and to accept cryptocurrency as their form of payment. It’s an excellent option for artists who want to use it to sell NFTs because of its zero gas fees and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established in 2018. Because its system is built on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
In addition as a seller you will be verified after you build up your reputation. A blue checkmark is placed on your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before There is an official mobile application from OpenSea that is available for iOS and Android. Download it at their respective app store, and begin exploring the collection now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to 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/).