Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s explore what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to check out 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 of OpenSea.
OpenSea as an NFT Marketplace Nft Drop Schedule
The goal to create OpenSea was to simply provide an online marketplace for artists to upload their commissions without any extra costs. It has more functions which allow you to market your artwork without any issues.
For registration, you don’t need to worry about giving all of your personal details. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It is also based with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains that are available you can pick which one you want to publish your NFT as a seller. This ensures the safety of your NFT, along with those who would like to purchase it. Every transaction will be conducted by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to official art from an artist you admire. Anyone can become a seller however, it takes time before anyone can become an established seller.
There is a wide variety of NFTs available at OpenSea and you could also be a part of that! You can set up your own market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto market,”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 not exactly sure what it means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency that is unique and can’t be replaced. It could be a piece of rareness, such as rare baseball trading cards in mint condition, or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can simply imagine an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but you’re putting it up for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and making a collection to begin! 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 money transfer tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
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 are available here?
In this moment, you’re probably wondering which kind of NFT can be purchased here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT it can be isn’t limited since there’s a broad range of options for how to go about it.
It is possible to sell trade cards, digital goods game assets domain names, also physical goods! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the other options. There are zero gas fees when you use this feature when you mint and sell 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.
Very few NFT marketplaces have this feature, and it can be a fantastic way to earn a high return from your portfolio.
This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, letting you make more money through this action.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can trade your fiat currency for cryptocurrency through these platforms. Nft Drop Schedule
You can swap your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
All of them have the option to exchange for ETH, which is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than others. Since it is built mainly using an ETH blockchain, wallets with a connection to that network will be suitable for this site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. Nft Drop Schedule
For more information about the service, you can check their FAQs to get a rundown of how you can start and which other wallets are compatible 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 pros here:
- Available as mobile apps for iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Drop Schedule
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online to receive cryptocurrency as their form of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its no gas fees and low commission fees that you have to pay.
You can shop and browse the vast array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & secure?
The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of the year 2018. Since the system it operates on is built on blockchain technology, it is safe to claim that your transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark is placed to your account or any collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared against others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is frequently used on this site and many others to accommodate the increasing number of cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.
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. Download it at their respective app store and begin exploring the collection now!
The version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and get notifications on updates regarding 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/).