The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto-coins. Markets have popped up all over the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Create Nft Marketplace
The goal for OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional fees. There are additional features that let you sell your work without having to deal with many problems.
In terms of registration, you won’t have 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 easy as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for most processes. It is also based using the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains that are available you can pick which one you want to transfer your NFT to as an seller. This is to ensure the security of your NFT as well as those who would like to buy 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. You can buy anything the simplest domain name to official art from an artist you admire. Anyone can become a seller, but it takes time for anyone to be an established one.
There is a wide variety in the collection of NFTs available at OpenSea and you could also be a part of that! You can start your own market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials have heard of it but not exactly sure what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible currency that is very exclusive and cannot be substituted. It could be an item of rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can simply think of an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You are calling the owner of the item or token that you posted to the marketplace, and offering it for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and then creating a collection to start! Input the appropriate and accurate information about your NFT and choose what kind of settings you want for it (e.g. blockchain or payments tokens). Once that’s all done then you’re able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how the transactions go from now on to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering the kind of NFTs can you shop for here, and what you could also sell if you decide to pursue that route. The kind of NFT it is unlimited because there’s a wide range of ways to go about it.
You could be selling digital items, trading cards game assets, domain names, and even physical assets! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on additional fees.
Very few NFT marketplaces have this feature, so this is a great way to receive high profit from your collection.
A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer advantages by referring a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which allows you to make more money by this method.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps of OpenSea are available for both iOS as well as Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use, and you can convert your fiat money into cryptocurrency through these platforms. Create Nft Marketplace
You can swap the fiat currency you have with a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
Each of them has the option of exchange for ETH, which is the standard crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based using an ETH blockchain, all wallets with a connection to the same network are suitable for the site.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency with a credit card. Create Nft Marketplace
To learn more about it to learn more, check out their FAQs to get an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Create Nft Marketplace
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists using for selling NFTs because of its zero cost of gas and the low commission rate which you are required to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year of 2018. Because its system is built on a blockchain, it is safe to claim that your transactions are protected and secured.
Furthermore as a seller you will be verified after you have built up your credibility. 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 contents to ensure users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison against other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as many others to accommodate the increasing number of crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned, there is definitely an official mobile app from OpenSea that is available for iOS and Android. Download it at their respective app store, and then you can begin exploring the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to 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/).