The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to watch 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 How To Biuild A Commercial Vertical Nft System
The goal to create OpenSea was to simply provide an online marketplace for artists to upload commissions, without having to pay any additional fees. It also has additional functions which allow you to market your artwork without any difficulties.
When it comes to registration, you don’t need to worry about giving all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It is also based with the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains available, you can choose which one you would like to publish your NFT as an seller. This ensures the safety of your NFT as well as those who would like to buy it. All transactions will be made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name, to a piece of art by an artist you admire. Anyone can sell however it takes time for anyone to be a reputable one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you could become a part of this! You can set up your own market here, along with finding NFTs that you would like to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it but not exactly sure what it means. Let’s break down what an 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 is an NFT. The NFT is a non-fungible token which is extremely individual and cannot be changed. This can be an item of any rareness like rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible thing you’re selling on the internet. It is simpler to simply consider an NFT as a digital item paid via cryptocurrency only.
Minting NFTs
Minting is like calling the shots to your NFTs. You are calling the ownership of the particular item that you posted to market, as you’re putting it up for sale. Typically, this is official when you have filled in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and simply creating a collection to start! Input the appropriate and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g., blockchain or payment tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from now to see whether OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
In this moment you’re probably asking yourself the kind of NFTs you shop for here, and what you could also sell if you decide to go that route. The kind of NFT that you can purchase is indefinite since there’s a broad range of options for how to do it.
You can be selling digital products, trading cards, game assets domain names, even physical assets! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the other options. There are zero gas fees 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 start selling because you don’t need to pay on additional fees.
Very few NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your NFT collection.
Referral Program
The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer benefits by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which allows you to make more money from this act.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal to trade your fiat currency for cryptocurrency on these platforms. How To Biuild A Commercial Vertical Nft System
You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
All of these have the option to exchange for ETH that is the most common crypto payment in OpenSea.
Crypto Wallets
While OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly using an ETH blockchain, all wallets with a connection to this network are appropriate for this site.
Here’s a list various crypto wallets that which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage, and the function to purchase cryptocurrency with a credit card. How To Biuild A Commercial Vertical Nft System
To learn more about it to learn more, check out their FAQs to see an overview of how you can start and also what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
Pros
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
Cons
- Allows royalty rates of 10% for artists (low royalty).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto digital wallet must be used to access this marketplace.
Pricing
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions How To Biuild A Commercial Vertical Nft System
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists using the platform to market NFTs due to its low gas fees and low commission fee rate which you are required to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception in 2018. Since its system is based on a blockchain, it is safe to declare that transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will appear on your account or the collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is considered to be a reasonable amount compared to others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and many others to accommodate more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile app from OpenSea that is available for iOS and Android. Download it at their respective app store, and then you can begin exploring the collection now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
