The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto coins. Marketplaces are popping up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s explore the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, 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 Nft Dratt Trade Chgart
The aim for OpenSea was to offer an online marketplace for artists to easily upload their commissions, without having to pay any additional charges. It has more functions which allow you to market your art without too many issues.
For the registration process, you don’t have to worry about giving any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It is also based on the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains you can pick which one you would like to publish your NFT as an seller. This will ensure the security of your NFT, along with those who would like to buy it. All transactions are made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name, to a piece of art from an artist you admire. Anyone can become a seller, but it takes time for anyone to be an established seller.
There’s a huge selection in the collection on OpenSea and you could become a part of the collection! You can start your own marketplace there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t exactly sure what it means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible currency that is very exclusive and cannot be substituted. It can be an item of rareness like authentic baseball cards, or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can simply consider the NFT as a digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You’re claiming the ownership of the particular item you uploaded on the market place, but you’re selling it. Usually, this becomes official when you have filled in the proper information regarding the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and then create a collection! Complete the correct and complete information about 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 that then you’re able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see the way transactions are handled 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 wondering the kind of NFTs can be found here, and what you could sell should you decide to go down that path. The type of NFT it can be is unlimited as there’s a variety of how you can go about it.
You could be selling digital items, trading cards games, domain names, and even physical assets! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. There are no gas costs for using this feature to create and market NFTs. This means you’ll be able to make the highest profits once you begin selling since you don’t need to pay on extra fees.
There aren’t many NFT marketplaces have this feature, and it is great for you to receive high profit from your collection.
A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets there are rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, letting you make more money through this action.
Other NFT marketplaces don’t have this feature This is a further advantage OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you to convert your fiat money into cryptocurrency through these platforms. Nft Dratt Trade Chgart
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of these have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, the wallets still more compatible with it than others. Since it is built mainly on an ETH blockchain, any wallets which are part of that network will be suitable for this website.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency using a credit card. Nft Dratt Trade Chgart
To know more about it You can go through their FAQs to get a rundown of how you can start and also what other crypto wallets work 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. You can view its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- It is not possible to buy or sell items via our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Dratt Trade Chgart
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online and receive cryptocurrency as a form of payment. It’s a great platform for artists who use the platform to market NFTs because of its zero gas costs and low commission fee rate which you are required to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are safe and secure.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned to your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is believed to be reasonably low compared against the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be widely utilized on this website and numerous others to cater for many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on 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 or mobile app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea that is available for iOS as well as Android. Download it at their respective app store, and you can start browsing through the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts as well as receive 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/).