The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto-coins. Markets have popped up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and discover what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, 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 of OpenSea.
OpenSea as an NFT Marketplace How To Create Nft Art
The aim to create OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional charges. It also has additional functions that allow you to sell your artwork without any problems.
When it comes to the registration process, you don’t have to give too many details 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 widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT, along with those who would like to buy it. All transactions will be made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can become a seller however it takes time for anyone to become an established seller.
There’s a huge selection in the collection at OpenSea, and you can also be a part of that! You can set up your own market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible currency that is unique and can’t be changed. It can be a piece of rareness, such as authentic baseball cards or unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. It is simpler to just imagine the NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You’re claiming the ownership of the particular item that you have uploaded to market, as putting it up for sale. Typically, this is official when you have filled in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and simply create a collection! Complete the correct and correct information regarding your NFT and then select what type of settings you want for it (e.g., blockchain, payments tokens). After that then you’re able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how the transactions go from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering the kind of NFTs be purchased here, and what you could sell should you decide to go down that path. The type of NFT that you can purchase is unlimited because there’s a wide range of how you can approach it.
You could be selling digital items, trading cards games, domain names, and also physical goods! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the other options. There are zero gas fees for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t need to spend on extra fees.
Very few NFT marketplaces have this feature, so this is great for you to make a huge profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces that offer benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can earn more money through this action.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. While you’re not able to buy or sell things, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to trade your fiat currency for cryptocurrency on these platforms. How To Create Nft Art
You can exchange your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
All of these have the option to exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly around the ETH blockchain, all wallets that share that network will be suitable for this site.
Here’s a list of several crypto wallets you can use in OpenSea:
- 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 including simple registration, only mobile usage, and the function to buy cryptocurrency using credit cards. How To Create Nft Art
To learn more about it to learn more, check out their FAQs to get a rundown of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with 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 available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto wallet is required to use 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 percentage of commissions 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 Create Nft Art
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online to receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use it to sell NFTs because of its zero gas fees and low commission fees you must pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
Furthermore, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will appear on your account or collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before, there is definitely an official mobile application from OpenSea available for both iOS or Android. Download it at their respective app store and begin exploring the collection now!
A desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts as well as 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/).