The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace How To Create Nft Music
The goal to create OpenSea was to simply provide an online marketplace for artists to easily upload their commissions with no additional charges. It also has additional functions which allow you to market your art without too many issues.
When it comes to registration, you won’t have to worry about giving any personal information about yourself. 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 and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It also functions using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains you can pick which one you’d like to transfer your NFT to as a seller. This ensures the safety of your NFT and the people who want to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist that you admire. Anyone can become a seller however, it takes a while for anyone to become an established seller.
There’s a huge selection of NFTs available at OpenSea, and you can also be a part of the collection! You can create your own market there, and also find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for 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 a lot of millennials are familiar with it but aren’t sure exactly what it is. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is very individual and cannot be substituted. It can be an item of any rareness, such as authentic baseball cards, or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling online. It is simpler to simply imagine an NFT as a digital collectible paid via cryptocurrency only.
Minting NFTs
Minting is like calling the shots for your personal NFTs. You are calling the owner of the item or token you uploaded on market, as selling it. Typically, this is official after you fill in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and then create a collection! Fill out the proper and complete information about your NFT and then select what type of settings you’d like for it (e.g. blockchain and payment tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to see if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
At this point, you’re probably wondering what kind of NFTs can you shop for here, and what you could sell should you decide to pursue that route. The type of NFT it can be is unlimited because there’s a wide range of options for how to go about it.
It is possible to sell trade cards, digital goods games domain names, some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from other companies. There’s no cost for gas when you utilize this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t need to spend on additional fees.
Very few NFT marketplaces have this feature, so this is great for you to make a huge profit from your portfolio.
Referral Program
The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are rewards 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, letting you earn more cash through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you, and you can trade your fiat currency for cryptocurrency using these platforms. How To Create Nft Music
You can convert your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
Each of them has the option of exchange for ETH that is the most common cryptocurrency used in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than other. Because it is based on an ETH blockchain, any wallets that share that network will be suitable for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much 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 function to purchase cryptocurrency with credit cards. How To Create Nft Music
To know more about it You can go through their FAQs to see a rundown of how you can get started and which other wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
Pros
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
Cons
- Allows royalties of only up to 10% for artists (low royalty rates).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required to access this marketplace.
Pricing
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions How To Create Nft Music
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 form of payment. It’s a great platform for artists who use the platform to market NFTs because of its zero cost of gas and the low commission rate which you are required to pay.
You can browse and shop for an array of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in 2018. Since its system is built on blockchain technology, it is safe to declare that transactions are safe and secure.
In addition as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared with other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as other sites to provide more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile app from OpenSea that is available for iOS as well as Android. You can download it through their app store and you can start browsing through the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts as well as receive notifications on updates regarding 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/).
