The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace How To Build A Vertical Nft System Outdoor
The purpose to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra charges. There are additional features that let you sell your art without too many problems.
When it comes to registration, you don’t need to worry about giving any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used to carry out the majority of processes. It also functions using the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains available you can pick which one you would like to publish your NFT as an seller. This will ensure the security of your NFT, along with the people who want to purchase it. All transactions are made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can sell however, it takes some time for anyone to be an established one.
There is a wide variety from the selection on OpenSea, and you can also be a part of the collection! You can create your own market on this site, as well as find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but not exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible currency which is extremely individual and cannot be replaced. It could be an item of any rareness, such as mint-condition baseball trading cards or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible item that you sell online. In simpler terms, you could just imagine the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the marketplace, and you’re offering it for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and add it on the market.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and create a collection! Fill out the proper and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g., blockchain and money transfer tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from here on out to see if OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
In this moment you’re probably asking yourself what kind of NFTs can be found here, and what you could also sell if you decide to go that route. The type of NFT that you can purchase is indefinite since there’s a broad range of how you can approach it.
It is possible to sell digital items, trading cards games domain names, some physical items! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the others. There are no gas costs when you utilize this feature when you make and then sell the 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 additional fees.
Not many NFT marketplaces offer this feature, and it can be a fantastic way to receive high profit from your portfolio.
Referral Program
A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets, you can receive advantages by referring your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the sales amount, which means you can make more money from this act.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available for both iOS in addition to Android. Even though you can’t buy or sell things, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. How To Build A Vertical Nft System Outdoor
You can convert your fiat money via credit card or Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and many more!
All of them have the option of exchange for ETH that is the most common crypto payment in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly using the ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here’s a list of different crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency using a credit card. How To Build A Vertical Nft System Outdoor
To know more about it You can go through their FAQs to get an overview of how you can get started and which other wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
Pros
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
Cons
- Allows royalty rates of up to 10% for artists (low royalties).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto account is needed for this marketplace.
Pricing
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions How To Build A Vertical Nft System Outdoor
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to market their work online and receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its no gas fees and the low commission rate which you are required to pay.
You can shop and browse an array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded at the end of the year of 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to claim that your transactions are safe and secure.
Furthermore, as a seller, you can become verified once you build up your reputation. A blue checkmark will appear to your account or any collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties on OpenSea?
As an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is believed to be quite low in comparison to the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been commonly used on this site and many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can utilize for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile app by OpenSea available for both iOS and Android. Install it from their app store and then you can begin browsing through the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts as well as receive 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/).
