Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto currency. Markets have popped up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea can be one, 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 one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and let’s explore what you can do with OpenSea and also see what NFTs you can view!
Before you continue, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Diy Nft Pvc
The aim to create OpenSea was to provide an online marketplace for artists to upload their commissions without any extra costs. It has more functions that allow you to sell your art without too many problems.
For the registration process, you don’t have to worry about giving all of your personal details. All you need to 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.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also operates on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains that are available, you can choose which one you want to publish your NFT as an seller. This will ensure the security of your NFT and those who wish to purchase it. All transactions are made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist you admire. Anyone can become a seller however it takes a while for anyone to be an established seller.
There are a variety of NFTs in the collection at OpenSea and you can join in with that! You can set up your own personal market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it is. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible token that is unique and can’t be changed. It could be a piece of rareness like mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can just think of an NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming the ownership of the particular item you uploaded on the market place, but you’re offering it for sale. Usually, this is recognized when you have filled in the proper information regarding 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 simply creating a collection to start! Fill out the proper and complete information about your NFT and select the type of settings you’d like for it (e.g. blockchain, payments tokens). After you’ve completed the process, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself which kind of NFT you shop for here and what you can also sell if you choose to go that route. The type of NFT that you can purchase isn’t limited since there’s a broad range of ways to approach it.
You can be selling digital items, trading cards games domain names, also physical goods! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs when you utilize this feature when you create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, and it is a great way to earn a high return from your NFT collection.
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive advantages when you refer your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which means you can make more money by this method.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also exchange your fiat money for cryptocurrency on these platforms. Diy Nft Pvc
You can swap your fiat currency using a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option to exchange for ETH which is the most common cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built mainly on an ETH blockchain, any wallets with a connection to that network will be suitable for this site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only, and the function to purchase cryptocurrency with the credit card. Diy Nft Pvc
To learn more about it to learn more, check out their FAQs to see the steps you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Diy Nft Pvc
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s a great platform for artists using it to sell NFTs due to its no cost of gas and low commission fees that you have to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year of 2018. Since its system is built on a blockchain that is secure, you can declare that transactions are safe and secure.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned on your account or the collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you can get only 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison with other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is frequently utilized on this website and many others to accommodate many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store, and then you can begin exploring the collection now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and get 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/).