Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board 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 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.
OpenSea as an NFT Marketplace Nft Or Flood And Drain
The purpose for OpenSea was to offer an online marketplace for artists to upload their commissions with no additional costs. It has more functions which allow you to market your work without having to deal with many problems.
When it comes to registration, you don’t need to give any personal information about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains, you can choose which one you would like to upload your NFT on as a seller. This is to ensure the security of your NFT and those who wish to buy 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 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 an official artwork from an artist you admire. Anyone can sell, but it takes a while before anyone can become a reputable one.
There’s a huge selection of NFTs available on OpenSea and you can also be a part of that! You can start your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t sure exactly what it means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can buy can be an NFT. The NFT is a token that is non-fungible that is very exclusive and cannot be replaced. It could be an item of any rarity like authentic baseball cards, or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item you’re selling on the internet. More straightforwardly, you can simply think of an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You’re claiming the ownership of the particular item you uploaded on the market place, but putting it up for sale. Usually, this is recognized when you have filled in the correct information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and making a collection to begin! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain and money transfer tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about the kind of NFTs can be purchased here, and what you could also sell if you choose to go down that path. The type of NFT that you can purchase isn’t limited because there’s a wide range of options for how to go about it.
You could be selling digital products, trading cards games domain names, some physical items! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from other companies. There are no gas costs when you utilize this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50% of the sale amount, which allows you to make more money from this act.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also convert your fiat money into cryptocurrency through these platforms. Nft Or Flood And Drain
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
All of them have the option to exchange for ETH which is the most common cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built mainly on an ETH blockchain, wallets with a connection to the same network are suitable for this website.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency using a credit card. Nft Or Flood And Drain
To learn more about it, you can check their FAQs to see a rundown of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Available as mobile apps for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- It is not possible to buy or sell items via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Or Flood And Drain
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists using for selling NFTs due to its no gas costs and the low commission rate that you have to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
Answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year of 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed on your account or the collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as other sites to provide more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile app by OpenSea available for both iOS as well as Android. Install it from their app store, and you can start exploring the collection now!
The desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and receive alerts on any updates that affect 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/).