The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto coins. There are numerous marketplaces popping up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s explore what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Mock Draft
The goal for OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional fees. It has more functions that let you sell your work without having to deal with many difficulties.
In terms of registration, you don’t need to give all of your personal details. All you need to do is connect your cryptocurrency 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.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It also functions using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains you can pick which one you’d like to publish your NFT as a seller. This ensures the safety of your NFT and those who would like to purchase it. All transactions will be made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist that you admire. Anyone can become a seller however it takes some time for anyone to be an established seller.
There is a wide variety from the selection of NFTs available at OpenSea, and you can join in with this! You can set up your own market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto market, the term “NFT” has been going around for so long on the internet that the majority of young people have heard of it but not exactly sure what it actually means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy includes an NFT. An NFT is a non-fungible currency that is exclusive and cannot be replaced. It could be a piece of rareness, such as authentic baseball cards, or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could simply imagine as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You’re claiming the owner of the item or token you uploaded on the market place, but you’re selling it. Usually, this becomes official when you have filled in the correct information about the NFT and submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and making a collection to begin! Fill out the proper and complete information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain and money transfer tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from now on to see if OpenSea is the marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering the kind of NFTs can you shop for here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT that you can purchase is unlimited as there’s a variety of how you can do it.
You could be selling digital products, trading cards game assets, domain names, and also physical goods! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the others. There’s no cost for gas when you utilize this feature to create and market NFTs. This means you’ll be able to make the highest profits once you sell because you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, so this is a great way to receive high profit from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets that offer benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you earn more cash through this action.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell anything while you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal to trade your fiat currency for cryptocurrency through these platforms. Nft Mock Draft
You can exchange the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
All of them have the option of exchange for ETH which is the standard cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than other. Since it is built mainly using the ETH blockchain, all wallets which are part of that network will be suitable for the site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency using the credit card. Nft Mock Draft
For more information about the service, you can check their FAQs to see an overview of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are 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 regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Mock Draft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists who use it to sell NFTs due to its low cost of gas and the low commission rate which you are required to pay.
You can browse and purchase an array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and secure?
Answer: Yes! OpenSea is a reputable marketplace since its inception at the end of 2018. Because its system is built on blockchain technology and is secured, it is safe to claim that your transactions are safe and secure.
In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned on your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are secure.
How can I earn royalties on OpenSea?
As an artist, you’ll receive only up to 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison to others NFT marketplaces.
What are the cryptocurrency options available 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 that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier there’s an official mobile application from OpenSea available for both iOS as well as Android. Install it from their app store and begin exploring the collection right now!
A desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts as well as receive alerts on any updates that affect 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/).