The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Creating An Nft W/ Preference Order
The aim for OpenSea was to provide an online marketplace for artists to upload their commissions with no additional charges. It also has additional functions that let you sell your work without having to deal with many issues.
For registration, you don’t need to give 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.
OpenSea: Blockchain
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized to carry out the majority of processes. It also functions on the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains available you can pick which one you would like to publish your NFT as seller. This is to ensure the security of your NFT as well as those who would like to purchase it. All transactions are made using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to an official artwork by an artist you admire. Anyone can be a seller, but it takes a while for anyone to become a reputable one.
There is a wide variety in the collection of NFTs available at OpenSea and you could join in with the collection! You can start your own marketplace here, along with finding NFTs you want to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but not exactly sure what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. An NFT is a token that is non-fungible which is extremely individual and cannot be changed. It could be an item of any rareness, such as mint-condition baseball trading cards, or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible item you’re selling on the internet. It is simpler to simply think of the NFT as a digital collectible paid via cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the marketplace, and you’re putting it up for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g., blockchain, money transfer tokens). After that then you’re able to upload it if it fits the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to determine whether OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
At this point, you’re probably wondering which kind of NFT be purchased here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT that you can purchase isn’t limited because there’s a wide range of options for how to approach it.
You can be selling digital products, trading cards, game assets domain names, even physical assets! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the other options. There are no gas costs for using this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces provide this feature, which is why this is great for you to make a huge profit from your NFT collection.
Referral Program
A Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer advantages by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, which means you can earn more money by this method.
Other NFT marketplaces don’t offer this kind of feature either This is a further benefit OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available on both iOS as well as Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also convert your fiat money into cryptocurrency on these platforms. Creating An Nft W/ Preference Order
You can exchange your fiat currency using a credit card or Paypal via these reputable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
All of them have the option of exchange for ETH that is the standard crypto payment in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built around an ETH blockchain, all wallets that share that network will be suitable for this website.
Here is a list of different crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea 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 a credit card. Creating An Nft W/ Preference Order
To learn more about it to learn more, check out their FAQs to see an overview of how you can begin and which other wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
Pros
- Mobile apps available for iOS as well as 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.
Cons
- Allows royalty rates of up to 10% for artists (low royalties).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto digital wallet must be used for this marketplace.
Pricing
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, 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’s no additional cost for it.
Frequently Asked Questions Creating An Nft W/ Preference Order
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its low gas costs and the low commission rate you must pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea real and secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was established in 2018. Since its system is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Additionally 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 the collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure that users are safe.
How can I earn royalties from 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 quite low in comparison to the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be widely utilized on this website and numerous others to cater for many more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As mentioned before there’s an official mobile app from OpenSea available for both iOS as well as Android. Install it from their app store and begin browsing through the collection right now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
