Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto coins. There are numerous marketplaces popping up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea and also see the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Dizzy Dragons
The aim of OpenSea was to offer artists with a marketplace/platform to easily upload their commissions without any extra costs. It also has additional functions that let you sell your work without having to deal with many issues.
For registration, you don’t need to provide too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple 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 market is built upon the Ethereum blockchain technology and is used for most processes. It also operates with 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 transfer your NFT to as a seller. This is to ensure the security of your NFT, along with the people who want to purchase it. All transactions will be made using this blockchain, which is why you need to consider where to 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 the simplest domain name, to a piece of art from an artist you admire. Anyone can become a seller, but it takes some time for anyone to become a reputable one.
There’s a huge selection in the collection at OpenSea, and you can join in with the collection! You can create your own market there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but not exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible currency which is extremely unique and can’t be replaced. This can be an item of any rareness, such as rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can just consider an NFT being a virtual item paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming the owner of the item or token that you posted to the marketplace, and you’re putting it up for sale. Typically, this is official after you fill 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 going to the store and create a collection! Input the appropriate and complete information about your NFT and then select what type of settings you want for it (e.g. blockchain or payments tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see how transactions progress from here on out to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself what kind of NFTs you shop for here and what you can also sell if you choose to go that route. The kind of NFT that you can purchase is unlimited since there’s a broad range of ways to go about it.
You can be selling trade cards, digital goods, game assets domain names, even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the others. There are no gas costs for using this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you begin selling since you don’t need to pay on additional fees.
Not many NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your NFT collection.
A Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards by referring your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can earn more money through this action.
Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. You can’t buy or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for both iOS in addition to Android. Even though you can’t buy or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also trade your fiat currency for cryptocurrency on these platforms. OpenSea Dizzy Dragons
You can convert your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
Each of them has the option to exchange for ETH, which is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built using an ETH blockchain, wallets which are part of this network are appropriate for this website.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using a credit card. OpenSea Dizzy Dragons
To know more about it to learn more, check out 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 comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available 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 world and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions OpenSea Dizzy Dragons
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to sell their works online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its no cost of gas and low commission fee rate which you are required to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year 2018. Because its system is built on blockchain technology and is secured, it is safe to say that your transactions are protected and secured.
Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared with others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been widely utilized on this website and many others to accommodate more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before 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!
A version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications about updates to 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/).