The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto coins. Markets have popped up all over the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace How Much To Mint An Nft
The goal for OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional charges. It has more functions that let you sell your work without having to deal with many difficulties.
In terms of the registration process, you don’t have to provide any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It also operates on the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains it is possible to choose which one you would like to transfer your NFT to as seller. This ensures the safety of your NFT and the people who want to buy it. All transactions are made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name, to a piece of art by an artist you admire. Anyone can be a seller however it takes a while for anyone to be a reputable one.
There’s a huge selection from the selection at OpenSea and you could join in with that! You can create your own marketplace there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the newest things you can buy can be an NFT. An NFT is a non-fungible token which is extremely individual and cannot be changed. It could be a piece of rareness like mint-condition baseball trading cards or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can simply consider an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You’re claiming the owner of the item or token that you posted to the marketplace, and selling it. Usually, this becomes official when you have filled in all the necessary information about the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and then creating a collection to start! Complete the correct and accurate information about your NFT and select the type of settings you want for it (e.g., blockchain or money transfer tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how the transactions go from now to see if OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself which kind of NFT be found here and what you can also sell if you choose to pursue that route. The kind of NFT it can be isn’t limited because there’s a wide range of how you can go about it.
You could be selling digital items, trading cards, game assets domain names, even physical assets! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the other options. There are no gas costs when you utilize this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, which is why this can be a fantastic way to make a huge profit from your portfolio.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more money through this action.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to exchange your fiat money for cryptocurrency on these platforms. How Much To Mint An Nft
You can swap the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
Each of them has the option to exchange for ETH that is the most common crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than other. Because it is based around the ETH blockchain, all wallets with a connection to the same network are suitable for the site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. How Much To Mint An Nft
To learn more about it, you can check their FAQs to see an overview of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% for artists (low royalty).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions How Much To Mint An Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use for selling NFTs due to its no gas costs and the low commission rate that you have to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
In addition as a seller you can become verified once you’ve earned a reputation. A blue checkmark will be assigned on your account or collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties on OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared against other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is widely used on this site and many others to accommodate many more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile application from OpenSea that is available for iOS as well as Android. Download it at their respective app store and begin browsing through the collection right now!
The 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 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/).