Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto-coins. Markets have popped up all over the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s explore the possibilities of OpenSea as well as examining 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. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Flow Thru
The aim of OpenSea was to offer artists with a marketplace/platform to easily upload their commissions with no additional charges. There are additional features which allow you to market your work without having to deal with many difficulties.
In terms of 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 going through many hassles when you enter into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions with the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains that are available you can pick which one you would like to transfer your NFT to as an seller. This will ensure the security of your NFT and those who would like to buy 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 is like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist that you admire. Anyone can be a seller however it takes some time for anyone to be an established one.
There are a variety of NFTs in the collection on OpenSea and you could also be a part of the collection! You can set up your own personal market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in 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 aren’t sure exactly what it actually 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 latest ways you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible token that is very individual and cannot be substituted. This can be an item of rareness, such as rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object that you sell on the internet. It is simpler to just think of the NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the owner of the item or token that you posted to the marketplace, and putting it up for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and making a collection to begin! Input the appropriate and complete information about your NFT and choose what kind of settings you want for it (e.g. blockchain, payment tokens). Once that’s all done then you’re able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how the transactions go from now on to see if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself what kind of NFTs be found here and what you can also sell if you decide to pursue that route. The kind of NFT that you can purchase isn’t limited because there’s a wide range of ways to do it.
You could be selling digital items, trading cards, game assets, domain names, and some physical items! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the other options. There are no gas costs when you utilize this feature when you 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 extra fees.
There aren’t many NFT marketplaces have this feature, and it can be a fantastic way to earn a high return from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t offer the same feature and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use You can also convert your fiat money into cryptocurrency through these platforms. Nft Flow Thru
You can convert your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option to exchange for ETH which is the standard crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than others. Because it is based on an ETH blockchain, wallets which are part of that network will be suitable for this website.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency with the credit card. Nft Flow Thru
To know more about it to learn more, check out their FAQs for an overview of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Available as mobile apps for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Flow Thru
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online and receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use for selling NFTs due to its no cost of gas and the low commission rate which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace and you must go through it!
Is OpenSea real and safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established in 2018. Since the system it operates on is based on a blockchain that is secure, you can declare that transactions are secure and safe.
Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark will be assigned next 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 secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison to other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been frequently used on this site and numerous others to cater for many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS and Android. Download it at their respective app store, and begin exploring the collection right now!
The version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).