The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.
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 largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s explore what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Build Nft Marketplace
The purpose to create OpenSea was to offer artists with a marketplace/platform to upload commissions, without having to pay any additional charges. There are additional features that let you sell your art without too many problems.
For registration, you don’t need to give too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also functions with the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains available it is possible to choose which one you want to publish your NFT as seller. This will ensure the security of your NFT, along with the people who want to buy it. All transactions will be made along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can sell however, it takes a while for anyone to become an established seller.
There’s a huge selection in the collection on OpenSea and you could also be a part of this! You can start your own marketplace here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry the term “NFT” has been going around for so long on internet that many millennials have heard of it but aren’t sure exactly what it means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible token that is very exclusive and cannot be replaced. This can be an item of any rarity like authentic baseball cards, or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item you’re selling online. It is simpler to simply imagine the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to market, as you’re putting it up for sale. Usually, this is recognized when you have filled in the correct information about the NFT and add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and simply create a collection! Fill out the proper and complete information about your NFT and then select what type of settings you’d like for it (e.g. blockchain, payments tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
You can wait and observe the way transactions are handled from now on to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself what kind of NFTs can be found here and what you can also sell if you decide to go that route. The type of NFT it isn’t limited because there’s a wide range of options for how to do it.
It is possible to sell digital items, trading cards game assets, domain names, and also physical goods! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from other companies. There are no gas costs when you use this feature when you make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t need to spend on extra fees.
Very few NFT marketplaces offer this feature, so this is a great way to make a huge profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more cash by this method.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS as well as Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal You can also trade your fiat currency for cryptocurrency on these platforms. Build Nft Marketplace
You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
All of these have the option of exchange for ETH which is the most common crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than other. Because it is based on the ETH blockchain, all wallets which are part of that network will be suitable for this website.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only and the ability to purchase cryptocurrency using credit cards. Build Nft Marketplace
For more information about the service You can go through their FAQs for a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency 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 Build Nft Marketplace
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its no gas fees and low commission fees you must pay.
You can browse and shop for an array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year of 2018. Since its system is built on blockchain technology that is secure, you can claim that your transactions are secure and safe.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark will appear to your account or collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared with other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile app by OpenSea 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 are able to manage multiple accounts as well as receive notifications about updates to 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/).