The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Creating Nft
The purpose of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions without any extra costs. It has more functions that let you sell your work without having to deal with many problems.
In terms of registration, you won’t have to provide any personal information 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 hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains that are available it is possible to choose which one you want to upload your NFT on as seller. This is to ensure the security of your NFT and the people who want to buy it. Every transaction will be conducted using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to official art by an artist you admire. Anyone can sell, but it takes time before anyone can become a reputable one.
There are a variety of NFTs in the collection on OpenSea and you could join in with the collection! 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 crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but not exactly sure what it is. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. The NFT is a token that is non-fungible which is extremely individual and cannot be substituted. This can be an item of any rareness like authentic baseball cards or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you can sell online. In simpler terms, you could simply imagine the NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the marketplace, and selling it. Usually, this is recognized after you fill in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and simply create a collection! Input the appropriate and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain and payment tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
You can watch and see how transactions progress from now on to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself what kind of NFTs you shop for here and what kind of NFTs you can also sell if you choose to pursue that route. The type of NFT it is unlimited as there’s a variety of ways to go about it.
You could be selling digital items, trading cards, game assets domain names, even physical assets! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees for using this feature when you mint and sell NFTs. This means you’ll receive the maximum profits when you sell because you don’t need to pay on additional fees.
Not many NFT marketplaces provide this feature, and it can be a fantastic way to receive high profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive rewards 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 sales amount, which allows you to earn more money through this action.
Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also trade your fiat currency for cryptocurrency on these platforms. Creating Nft
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 to exchange for ETH, which is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based on the ETH blockchain, any wallets that share that network will be suitable for this site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. Creating Nft
To know more about it You can go through their FAQs for an overview of how you can get started 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. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are utilized 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 royalty rates of 10% for artists (low royalty rates).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Creating Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online and receive cryptocurrency as their form of payment. It’s a great platform for artists using for selling NFTs because of its zero gas costs and the low commission rate you must pay.
You can browse and purchase the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year of 2018. Since the system it operates on 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 build up your reputation. A blue checkmark is placed on your account or any collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared against other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and other sites to provide the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier there’s an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store, and you can start exploring the collection now!
A desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).