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 across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth a look.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It’s now 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 see the possibilities of 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. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Drops
The aim to create OpenSea was to provide artists with a marketplace/platform to upload their commissions, without having to pay any additional costs. There are additional features which allow you to market your work without having to deal with many difficulties.
In terms of registration, you won’t have to provide all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used to carry out the majority of processes. It also operates with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains you can pick which one you want to publish your NFT as an seller. This is to ensure the security of your NFT, along with those who wish 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’s an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to official art by an artist you admire. Anyone can become a seller, but it takes some time before anyone can become a reputable one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you could join in with this! You can start your own personal market there, and also find NFTs that you would like to purchase for 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 for so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible token that is very individual and cannot be replaced. This can be an item of rarity like mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing that you sell online. It is simpler to just consider an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and putting it up for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and then create a collection! Fill out the proper and complete information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain, payments tokens). Once that’s all done 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 how transactions progress from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself the kind of NFTs be found here and what you can also sell if you choose to go down that path. The kind of NFT that you can purchase isn’t limited because there’s a wide range of options for how to approach it.
It is possible to sell digital products, trading cards game assets domain names, also physical goods! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the others. There’s no cost for gas for using 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 begin selling since you don’t need to pay on additional fees.
Very few NFT marketplaces provide this feature, and it is a great way to make a huge profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer rewards by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, letting you earn more money through this action.
Other NFT marketplaces do not have this kind of feature either and that’s 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 from OpenSea are accessible for both iOS and Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency through these platforms. OpenSea Drops
You can swap your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option to exchange for ETH, which is the standard cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based on the ETH blockchain, all wallets that share that network will be suitable for this site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only and the ability to buy cryptocurrency using credit cards. OpenSea Drops
To know more about it to learn more, check out their FAQs to see the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% to artists (low royalties).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea Drops
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using the platform to market NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception in the year of 2018. Since the system it operates on is based on a blockchain that is secure, you can declare that transactions are protected and secured.
In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed next to your account or the collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties from OpenSea?
As an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared to others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is frequently utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store and begin browsing through 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 get notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).