The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace How To Build An Nft System
The purpose of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions without any extra costs. There are additional features that allow you to sell your artwork without any issues.
In terms of registration, you don’t need to give all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It is also based using the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains you can pick which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT as well as the people who want to purchase it. Every transaction will be conducted by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to official art from an artist that you admire. Anyone can become a seller, but it takes time for anyone to be an established seller.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you could become a part of that! You can start your own personal market here, along with finding NFTs that you would like to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto market the term “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a token that is non-fungible that is exclusive and cannot be replaced. It could be an item of any rareness like rare baseball trading cards in mint condition, or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could simply think of an NFT as a digital item paid via cryptocurrency only.
Minting NFTs
Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you posted to the market place, but you’re offering it for sale. Typically, this is official once you fill out the correct information about the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and simply create a collection! Input the appropriate and complete information about your NFT and then select what type of settings you want to use it with (e.g., blockchain or payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from now on to see if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
At this point you’re probably asking yourself what kind of NFTs can be purchased here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT it is indefinite since there’s a broad range of how you can go about it.
You can be selling trade cards, digital goods, game assets, domain names, and also physical goods! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the other options. There’s no cost for gas when you use this feature when you mint and sell NFTs. This means you’ll get the most profit when you begin selling since you don’t need to pay on any additional charges.
Very few NFT marketplaces offer this feature, so this is great for you to receive high profit from your collection.
Referral Program
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are advantages when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to earn more cash by this method.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS as well as Android. While you’re not able to buy or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also convert your fiat money into cryptocurrency through these platforms. How To Build An Nft System
You can exchange your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
Each of them has the option of exchange for ETH, which is the primary cryptocurrency used in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than others. Because it is based on an ETH blockchain, any wallets with a connection to this network are appropriate for the site.
Here’s a list different crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. How To Build An Nft System
For more information about the service to learn more, check out their FAQs for the steps you can start and 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 disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
Pros
- Mobile apps available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
Cons
- Allows royalties of only 10% to artists (low royalty rates).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed for this marketplace.
Pricing
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions How To Build An Nft System
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use the platform to market NFTs because of its zero cost of gas and the low commission rate you must pay.
You can browse and shop for the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded at the end of 2018. Because its system is based on a blockchain that is secure, you can declare that transactions are protected and secured.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned on your account or collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as other sites to provide more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
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 through its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before, there is definitely an official mobile app by OpenSea available for both iOS as well as Android. You can download it through their app store and begin exploring the collection now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
