Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto currency. Markets have popped up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s see the possibilities of OpenSea and also see 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 overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace How To Create An Nft
The aim of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional charges. It also has additional functions that let you sell your artwork without any problems.
For registration, you don’t need to give too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for the majority of transactions. It is also based with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains you can pick which one you would like to publish your NFT as seller. This will ensure the security of your NFT as well as those who wish to purchase it. All transactions will be made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to official art by an artist you admire. Anyone can sell however, it takes some time for anyone to become a reputable one.
There are a variety of NFTs of NFTs available on OpenSea and you can also be a part of that! You can create your own market here, along with finding NFTs you want to purchase yourself.
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 break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible currency that is very unique and can’t be replaced. It can be a piece of rareness like mint-condition baseball trading cards or rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item that you can sell on the internet. It is simpler to just imagine the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming the ownership of the particular item that you posted to the marketplace, and you’re putting it up for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and then add it on the market.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and complete information about your NFT and then select what type of settings you want for it (e.g. blockchain, money transfer tokens). Once that’s all done 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 whether OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself the kind of NFTs can be found here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it can be is unlimited as there’s a variety of how you can do it.
You could be selling digital items, trading cards game assets, domain names, and some physical items! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from the other options. There are no gas costs when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you don’t need to pay on extra fees.
Not many NFT marketplaces offer this feature, so this is a great way to make a huge profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, which allows you to make more money through this action.
Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used for perusing 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 both iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you to trade your fiat currency for cryptocurrency on these platforms. How To Create An Nft
You can convert your fiat currency using a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and other things!
Each of them has the option of converting them into ETH that is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built using an ETH blockchain, any wallets that share this network are appropriate for this site.
Here is a list of various crypto wallets that 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, mobile-only usage as well as the capability to buy cryptocurrency using credit cards. How To Create An Nft
For more information about the service to learn more, check out their FAQs for 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 its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% to artists (low royalties).
- Cannot buy or sell via this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions How To Create An Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs because of its zero cost of gas and low commission fees which you are required to pay.
You can shop and browse the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in 2018. Since its system is based on a blockchain that is secure, you can declare that transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed to your account or collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared with other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is commonly used on this site as well as many others to accommodate more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
How do I pay for OpenSea? What are my 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 need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before There is an official mobile application from OpenSea that is available for iOS and Android. Download it at their respective app store and then you can begin browsing through the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications about updates to 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/).