The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up across the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see the possibilities of OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Diy Nft
The purpose for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. There are additional features that let you sell your work without having to deal with many issues.
In terms of registration, you don’t need to provide too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It also functions on the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains that are available, you can choose which one you would like to transfer your NFT to as seller. This ensures the safety of your NFT as well as those who would like to buy it. All transactions will be made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to official art from an artist you admire. Anyone can sell however it takes a while before anyone can become an established seller.
There’s a huge selection of NFTs available at OpenSea, and you can join in with that! You can start your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around so long on the internet that many millennials are familiar with it , but not exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. The NFT is a token that is non-fungible which is extremely individual and cannot be substituted. This can be a piece of rarity like rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you can sell online. In simpler terms, you could just think of as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you posted to the marketplace, and selling it. Usually, this is recognized after you fill in the correct information about the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and simply making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain or money transfer tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how transactions progress from now on to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about the kind of NFTs can be purchased here and what kind of NFTs you can also sell if you choose to go down that path. The kind of NFT it can be is indefinite because there’s a wide range of how you can do it.
You could be selling digital products, trading cards game assets domain names, even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from other companies. There are zero gas fees when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t need to spend on any additional charges.
Not many NFT marketplaces have this feature, so this can be a fantastic way to earn a high return from your collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which means you can earn more money through this action.
Other NFT marketplaces do not have the same feature This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell anything as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Even though you can’t buy or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also trade your fiat currency for cryptocurrency through these platforms. Diy Nft
You can swap your fiat currency using a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
All of these have the option of converting them into ETH, which is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than other. Because it is based around the ETH blockchain, all wallets that share that network will be suitable for this website.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using a credit card. Diy Nft
For more information about the service, you can check their FAQs for an overview of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- Cannot buy or sell on this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Diy Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online to receive cryptocurrency as a method of payment. It’s a great option for artists who want to use the platform to market NFTs because of its zero gas fees and low commission fees that you have to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & secure?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in the year of 2018. Since its system is based on a blockchain that is secure, you can declare that transactions are protected and secured.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark is placed next to your account or any collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you can be paid only 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is commonly used on this site as well as other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile application from OpenSea available for both iOS and Android. Install it from their app store and begin exploring the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and get notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).