Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto coins. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It’s now 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 what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Draft Prospect Rankings
The goal of OpenSea was to offer an online marketplace for artists to easily upload their commissions with no additional costs. It also has additional functions that let you sell your work without having to deal with many difficulties.
In terms of registration, you won’t have to provide all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for most processes. It also functions using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains that are available, you can choose which one you would like to upload your NFT on as a seller. This is to ensure the security of your NFT, along with those who wish to buy it. All transactions are made along with this blockchain, which is why you need to consider 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 in exchange for other NFTs. You can purchase anything from the simplest domain name, to a piece of art by an artist you admire. Anyone can sell however, it takes some time for anyone to become a reputable one.
There’s a huge selection in the collection on OpenSea and you can join in with the collection! You can create your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but not exactly sure what it means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the latest ways you can buy includes an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be substituted. This can be an item of rareness like authentic baseball cards or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can just consider the NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling ownership over that particular token/item that you posted to the market place, but you’re selling it. Usually, this is recognized once you fill out the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and then making a collection to begin! Fill out the proper and complete information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain or money transfer tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.
You can watch and see how transactions progress from here on out to see if OpenSea is the marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself which kind of NFT be purchased here, and what you could also sell if you decide to go down that path. The kind of NFT it is indefinite as there’s a variety of ways to go about it.
You can be selling trade cards, digital goods game assets, domain names, and some physical items! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from the other options. There’s no cost for gas for using this feature when you create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you don’t need to pay on extra fees.
Not many NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your collection.
The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer rewards by referring someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t have this kind of feature either This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for both iOS in addition to Android. While you’re not able to buy or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can convert your fiat money into cryptocurrency through these platforms. Nft Draft Prospect Rankings
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option of exchange for ETH that is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than others. Because it is based on the ETH blockchain, any wallets with a connection to that network will be suitable for this site.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with a credit card. Nft Draft Prospect Rankings
To learn more about it, you can check their FAQs to get a rundown of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Draft Prospect Rankings
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its low cost of gas and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year 2018. Since its system is built on a blockchain that is secure, you can declare that transactions are protected and secured.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear on your account or collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be reasonably low compared against the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and many others to accommodate many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before, there is definitely an official mobile application from OpenSea that is available for iOS and Android. Install it from their app store, and you can start exploring the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and get 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/).