The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, 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 check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Draft Time
The goal for OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions without any extra charges. There are additional features which allow you to market your work without having to deal with many issues.
In terms of registration, you don’t need to give all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it 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 kinds of blockchains available, you can choose which one you’d like to upload your NFT on as a seller. This will ensure the security of your NFT, along with the people who want to purchase it. Every transaction will be conducted along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can become a seller, but it takes a while for anyone to be an established one.
There are a variety of NFTs in the collection on OpenSea, and you can also be a part of the collection! You can start your own personal market here, along with finding NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can buy includes an NFT. The NFT is a token that is non-fungible that is unique and can’t be substituted. It could be a piece of rarity like rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object that you sell on the internet. In simpler terms, you could simply think of as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs to your NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and putting it up for sale. Typically, this is official when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and making a collection to begin! Fill out the proper and complete information about your NFT and then select what type of settings you want to use it with (e.g., blockchain or money transfer tokens). After that then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from now to see if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
At this point you’re probably thinking about what kind of NFTs can you shop for here and what you can also sell if you decide to pursue that route. The type of NFT it is indefinite because there’s a wide range of how you can go about it.
You could be selling digital products, trading cards games domain names, some physical items! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This 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 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 extra fees.
Very few NFT marketplaces offer this feature, and it is a great way to receive high profit from your portfolio.
Referral Program
The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t have the same feature and that’s another advantage OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on 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
Various crypto exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Draft Time
You can swap your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and many more!
All of them have the option of converting them into ETH which is the standard cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Because it is based around the ETH blockchain, all wallets with a connection to the same network are suitable for this website.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage as well as the capability to buy cryptocurrency using a credit card. Nft Draft Time
To learn more about it to learn more, check out their FAQs to get a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
Pros
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
Cons
- Allows royalty rates of up to 10% for artists (low royalties).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- An Crypto wallet is required to use this marketplace.
Pricing
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Draft Time
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists using 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 purchase the vast array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year 2018. Since the system it operates on is built on blockchain technology that is secure, you can claim that your transactions are safe and secure.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear next to your account or any collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared to others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is widely used on this site as well as other sites to provide more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows 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 has a mobile or desktop application?
As mentioned before, there is definitely an official mobile app by OpenSea that is available for iOS or Android. Download it at their respective app store and you can start browsing through the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
