The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto coins. Markets have popped up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace How To Integrate OpenSea Daap
The purpose of OpenSea was to simply provide an online marketplace for artists to upload commissions, without having to pay any additional fees. It has more functions which allow you to market your artwork without any issues.
When it comes to the registration process, you don’t have to worry about giving all of your personal details. All you have 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 in 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 with the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains that are available you can pick which one you would like to publish your NFT as a seller. This ensures the safety of your NFT, along with the people who want to purchase it. All transactions will be made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes a while before anyone can become a reputable one.
There is a wide variety in the collection on OpenSea and you could join in with this! You can create your own personal market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”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 are familiar with it , but not exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible token that is unique and can’t be substituted. It can be an item of any rarity like mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can simply imagine an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and you’re offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and simply creating a collection to start! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g., blockchain or payment tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
You can watch and see how transactions progress from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about which kind of NFT be purchased here and what you can sell should you decide to pursue that route. The kind of NFT it can be is indefinite because there’s a wide range of how you can go about it.
It is possible to sell digital products, trading cards game assets, domain names, and also physical goods! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from other companies. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces have this feature, and it is great for you to earn a high return from your collection.
This Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces don’t have the same feature This is a further advantage OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you to trade your fiat currency for cryptocurrency through these platforms. How To Integrate OpenSea Daap
You can exchange your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option to exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than other. Since it is built mainly on the ETH blockchain, any wallets which are part of the same network are suitable for this site.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage, and the function to purchase cryptocurrency using credit cards. How To Integrate OpenSea Daap
To know more about it to learn more, check out their FAQs for the steps you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions How To Integrate OpenSea Daap
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online to receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its no gas fees and low commission fees which you are required to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace and you must take a look!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in 2018. Because its system is built on blockchain technology and is secured, it is safe to claim that your transactions are safe and secure.
Additionally, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned on your account or the collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is considered to be reasonably low compared against the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and other sites to provide the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile application from OpenSea for both iOS or Android. Download it at their respective app store and begin browsing through the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts as well as receive alerts on any updates that affect 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/).