The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea and also see the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Diy Nft Set Up
The purpose of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional fees. There are additional features which allow you to market your art without too many problems.
In terms of registration, you won’t have to give any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It also functions using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains, you can choose which one you would like to transfer your NFT to as a seller. This is to ensure the security of your NFT and those who wish to buy it. Every transaction will be conducted along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist that you admire. Anyone can be a seller, but it takes a while before anyone can become a reputable one.
There’s a huge selection in the collection at OpenSea, and you can join in with that! You can start your own marketplace on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible currency that is unique and can’t be changed. It can be an item of any rarity like authentic baseball cards or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item you’re selling online. It is simpler to just think of an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You’re claiming the ownership of the particular item that you have uploaded to the market place, but you’re offering it for sale. Usually, this is recognized once you fill out the correct information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and then create a collection! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g. blockchain and payment tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.
You can watch and see how the transactions go from now on to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering which kind of NFT be found here, and what you could sell should you decide to pursue that route. The kind of NFT it is unlimited as there’s a variety of ways to go about it.
It is possible to sell digital items, trading cards games domain names, even physical assets! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the others. There’s no cost for gas when you use this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t have to spend on extra fees.
There aren’t many NFT marketplaces have this feature, so this is great for you to make a huge profit from your collection.
The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are rewards by referring a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can make more money through this action.
Other NFT marketplaces don’t have this kind of feature either This is a further benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also trade your fiat currency for cryptocurrency using these platforms. Diy Nft Set Up
You can exchange your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of these have the option to exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built mainly on an ETH blockchain, wallets that share the same network are suitable for this website.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with the credit card. Diy Nft Set Up
For more information about the service, you can check their FAQs for the steps you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros 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.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Diy Nft Set Up
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online and receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use for selling NFTs due to its no gas fees and the low commission rate that you have to pay.
You can browse and shop for an array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception at the end of the year 2018. Since its system is built on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed next to your account or the collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared against others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is widely utilized on this website and many others to accommodate more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store, and you can start browsing through the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).