The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto coins. Marketplaces are popping up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and discover what you can do with OpenSea, along with checking the NFTs that you can see!
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 of OpenSea.
OpenSea as an NFT Marketplace How Nfts Make Money
The purpose to create OpenSea was to offer artists with a marketplace/platform to upload commissions, without having to pay any additional costs. There are additional features which allow you to market your artwork without any problems.
When it comes to registration, you won’t have to worry about giving any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on 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 which is utilized for most processes. It also functions with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains, you can choose which one you would like to transfer your NFT to as a seller. This will ensure the security of your NFT and the people who want to buy it. Every transaction will be conducted using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to official art from an artist you admire. Anyone can sell however it takes some time before anyone can become an established seller.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you could join in with that! You can set up your own personal market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t sure exactly what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible which is extremely individual and cannot be substituted. It could be an item of any rarity like authentic baseball cards or rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you can sell on the internet. More straightforwardly, you can just imagine the NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token that you have uploaded to the market place, but you’re selling it. Typically, this is official when you have filled in the correct information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and creating a collection to start! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain and payments tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from now on to determine if OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself which kind of NFT can be found here, and what you could sell should you decide to go down that path. The kind of NFT it is indefinite because there’s a wide range of options for how to do it.
It is possible to sell digital products, trading cards games, domain names, and some physical items! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from other companies. There are zero gas fees for using this feature to create and market NFTs. This simply means that you’ll get the most profit when you start selling because you won’t need to spend on any additional charges.
Very few NFT marketplaces have this feature, so this is a great way to receive high profit from your collection.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more money from this act.
Other NFT marketplaces do not 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 to browse the marketplace. You can’t buy or sell anything while you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency through these platforms. How Nfts Make Money
You can convert your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
All of them have the option to exchange for ETH that is the primary crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Because it is based around an ETH blockchain, wallets with a connection to that network will be suitable for this site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency using the credit card. How Nfts Make Money
To know more about it You can go through their FAQs to get an overview of how you can start and also 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 view its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- Cannot buy or sell on this mobile application.
- Only accepts cryptocurrency as a form of payment.
- A Crypto account is needed for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions How Nfts Make Money
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists using it to sell NFTs due to its no gas costs and the low commission rate that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace and you must go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can claim that your transactions are protected and secured.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear next to your account or the collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared to others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as other sites to provide the increasing number of crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As previously mentioned There is an official mobile app by OpenSea for both iOS as well as Android. Install it from their app store and begin exploring the collection now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and receive notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).