The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto coins. Markets have popped up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and rapid 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 watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace How To Make Money With Nft
The purpose for OpenSea was to provide a platform/marketplace for artists to upload their commissions without any extra charges. There are additional features which allow you to market your art without too many issues.
In terms of registration, you won’t have to provide too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also functions using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains, you can choose which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT and the people who want to buy it. All transactions are made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist you admire. Anyone can become a seller however it takes time before anyone can become an established one.
There are a variety of NFTs from the selection on OpenSea and you could also be a part of this! You can start your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it is. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy is an NFT. The NFT is a non-fungible token that is very unique and can’t be replaced. It can be an item of any rarity like authentic baseball cards or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item that you sell online. More straightforwardly, you can simply imagine as an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and offering it for sale. Typically, this is official after you fill in all the necessary information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and making a collection to begin! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain, payment tokens). After that then you’re able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how the transactions go from now to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself which kind of NFT be found here, and what you could also sell if you choose to go that route. The type of NFT it can be is indefinite since there’s a broad range of ways to do it.
It is possible to sell digital items, trading cards game assets domain names, also physical goods! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from other companies. There are zero gas fees when you use this feature when you make and then sell the NFTs. This means you’ll get the most profit when you start selling because you won’t have to spend on extra fees.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to receive high profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive advantages when you refer someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you earn more money by this method.
Other NFT marketplaces don’t offer the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you to trade your fiat currency for cryptocurrency through these platforms. How To Make Money With Nft
You can convert your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option to exchange for ETH that is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than others. Because it is based using an ETH blockchain, all wallets which are part of this network are appropriate for the site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage and the ability to buy cryptocurrency using a credit card. How To Make Money With Nft
To learn more about it You can go through their FAQs for a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Available as mobile apps for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% to artists (low royalties).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions How To Make Money With Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online to receive cryptocurrency as a method of payment. It’s an ideal platform for artists using for selling NFTs because of its zero cost of gas and the low commission rate you must pay.
You can shop and browse an array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded at the end of 2018. Since the system it operates on is built on blockchain technology that is secure, you can claim that your transactions are safe and secure.
Furthermore as a seller you can become verified once you’ve earned a reputation. A blue checkmark will appear next to your account or collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure that users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as other sites to provide more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile app by OpenSea for both iOS as well as Android. Install it from their app store, and then you can begin browsing through the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and 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/).