The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto currency. Markets have popped up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to watch 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 Cost To Mint Nft
The aim for OpenSea was to provide a platform/marketplace for artists to upload their commissions, without having to pay any additional costs. It has more functions that allow you to sell your work without having to deal with many difficulties.
For registration, you won’t have to worry about giving too many details about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It is also based on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains it is possible to choose which one you want to transfer your NFT to as a seller. This is to ensure the security of your NFT as well as those who wish to purchase it. All transactions will be made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to official art from an artist you admire. Anyone can sell, but it takes time for anyone to be an established one.
There is a wide variety from the selection on OpenSea and you could become a part of that! You can start your own personal market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people have heard of it but not exactly sure what it actually means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible currency that is unique and can’t be substituted. It can be an item of any rarity like authentic baseball 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 can sell online. In simpler terms, you could simply consider the NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You are calling ownership over that particular token/item you uploaded on the market place, but selling it. Usually, this becomes official once you fill out the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then creating a collection to start! Complete the correct and accurate information about your NFT and select the type of settings you want to use it with (e.g., blockchain and money transfer tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself the kind of NFTs be purchased here, and what you could also sell if you choose to go down that path. The kind of NFT it isn’t limited as there’s a variety of ways to go about it.
It is possible to sell trade cards, digital goods games, domain names, and even physical assets! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas when you use this feature to make and then sell the NFTs. This means you’ll get the most profit when you begin selling since you don’t need to pay on extra fees.
Very few NFT marketplaces have this feature, and it is a great way to receive high profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer benefits when you refer someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which means you can earn more money by this method.
Other NFT marketplaces don’t offer the same feature This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on both iOS in addition to Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also trade your fiat currency for cryptocurrency on these platforms. Cost To Mint Nft
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of exchange for ETH which is the standard cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly using the ETH blockchain, any wallets with a connection to that network will be suitable for this site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. Cost To Mint Nft
To learn more about it, you can check their FAQs for the steps you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% to artists (low royalties).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed for 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 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Cost To Mint Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online and receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its no cost of gas and low commission fees that you have to pay.
You can browse and shop for an array of digital products on this NFT marketplace and you must take a look!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in 2018. Since its system is built on a blockchain that is secure, you can 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 collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll get only 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared to other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before There is an official mobile app by OpenSea that is available for iOS or Android. You can download it through their app store, and begin browsing through the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application 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/).