The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s see what you can do with OpenSea and also see the NFTs available to 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.
OpenSea as an NFT Marketplace How To Make Nft Music
The aim for OpenSea was to offer artists with a marketplace/platform to upload commissions, without having to pay any additional fees. It also has additional functions that allow you to sell your art without too many difficulties.
When it comes to registration, you don’t need to give any personal information about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that without going through much hassle as you step 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 system and is used to carry out the majority of processes. It is also based using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains available, you can choose which one you would like to publish your NFT as a seller. This ensures the safety of your NFT, along with those who wish to purchase 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’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to official art from an artist that you admire. Anyone can sell, but it takes a while for anyone to become an established one.
There is a wide variety of NFTs available on OpenSea and you could join in with that! You can start your own marketplace here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto 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 actually means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible currency which is extremely individual and cannot be replaced. It could be an item of rareness like authentic baseball cards or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible item that you sell online. In simpler terms, you could simply consider an NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and putting it up for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and then submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and making a collection to begin! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use it with (e.g. blockchain, money transfer tokens). After that you are able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from here on out to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself which kind of NFT can you shop for here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT it can be isn’t limited since there’s a broad range of ways to go about it.
It is possible to sell digital products, trading cards game assets domain names, some physical items! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from the others. There are zero gas fees when you utilize 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 begin selling since you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, and it is great for you to receive high profit from your collection.
The Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets, you can receive advantages when you refer a friend 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, which means you can earn more cash through this action.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. How To Make Nft Music
You can exchange the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of them have the option to exchange for ETH that is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Because it is based on the ETH blockchain, any wallets that share that network will be suitable for this website.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency with credit cards. How To Make Nft Music
To learn more about it, you can check their FAQs to see a rundown of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view 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 of only up to 10% for artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions How To Make Nft Music
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online to receive cryptocurrency as a method of payment. It’s an ideal platform for artists using for selling NFTs because of its zero gas costs and low commission fee rate you must pay.
You can shop and browse the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established at the end of the year 2018. Since the system it operates on is based on a blockchain that is secure, you can say that your transactions are protected and secured.
Furthermore as a seller you can become verified once you’ve earned a reputation. A blue checkmark will be assigned on your account or the collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure that users are secure.
How can I earn royalties from OpenSea?
As an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared against others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is widely used on this site as well as many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. 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’s an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store and begin browsing through the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts and 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/).