The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto-coins. Marketplaces are popping up all over the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Cost Of An Nft System
The purpose to create OpenSea was to provide a platform/marketplace for artists to upload their commissions, without having to pay any additional charges. It has more functions that let you sell your artwork without any problems.
When it comes to registration, you won’t have to give too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It also operates with the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains that are available you can pick which one you’d like to upload your NFT on as an seller. This is to ensure the security of your NFT and those who wish to purchase it. All transactions will be made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade 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 time for anyone to become a reputable one.
There are a variety of NFTs from the selection at OpenSea and you could join in with that! You can create your own market there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. An NFT is a token that is non-fungible that is very unique and can’t be changed. This can be an item of any rareness like authentic baseball cards or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can just think of an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item you uploaded on the market place, but you’re offering it for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and making a collection to begin! Fill out the proper and complete information about your NFT and then select what type of settings you want to use it with (e.g., blockchain or payment tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how the transactions go from here on out to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself the kind of NFTs can be found here, and what you could also sell if you choose to go that route. The type of NFT it is unlimited as there’s a variety of ways to do it.
You can be selling digital items, trading cards game assets, domain names, and some physical items! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the others. There are no gas costs for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t have to spend on additional fees.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to make a huge profit from your collection.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer advantages by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you make more money through this action.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS as well as Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency through these platforms. Cost Of An Nft System
You can convert the fiat currency you have with a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of these have the option of converting them into ETH which is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based on an ETH blockchain, all wallets which are part of this network are appropriate for the site.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much 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 as well as the capability to buy cryptocurrency using credit cards. Cost Of An Nft System
For more information about the service to learn more, check out their FAQs to get the steps you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalties).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions Cost Of An Nft System
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal option for artists who want to use it to sell NFTs because of its zero gas fees and the low commission rate which you are required to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can declare that transactions are protected and secured.
In addition as a seller you can become verified once you build up your reputation. A blue checkmark is placed next to your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile application from OpenSea that is available for iOS as well as Android. Install it from their app store, and begin exploring the collection now!
A version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and 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/).