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 across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and discover what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. 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 Mint An Nft On OpenSea
The purpose for OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional charges. It also has additional functions that let you sell your work without having to deal with many problems.
When it comes to the registration process, you don’t have to worry about giving any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It also functions with the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains that are available, you can choose which one you’d like to upload your NFT on as a seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions will be made along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to official art from an artist you admire. Anyone can sell however, it takes some time before anyone can become a reputable one.
There’s a huge selection of NFTs available of NFTs available at OpenSea, and you can also be a part of that! You can set up 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 crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but not exactly sure what it is. Let’s take a look at what 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. The NFT is a non-fungible token which is extremely unique and can’t be replaced. It could be a piece of rarity like rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could simply consider an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming the ownership of the particular item that you have uploaded to the marketplace, and you’re putting it up for sale. Usually, this is recognized when you have filled in the correct information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and then making a collection to begin! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g. blockchain, payment tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
You can watch and see how transactions progress from now to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering which kind of NFT be purchased here, and what you could also sell if you choose to pursue that route. The type of NFT it is unlimited because there’s a wide range of options for how to approach it.
You could be selling digital products, trading cards game assets domain names, also physical goods! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the other options. There are zero gas fees when you utilize this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t need to spend on any additional charges.
Not many NFT marketplaces offer this feature, so this is great for you to earn a high return from your collection.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you make more money from this act.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps of OpenSea are available for both iOS as well as Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. How To Mint An Nft On OpenSea
You can exchange your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built mainly on an ETH blockchain, wallets that share that network will be suitable for this site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency using a credit card. How To Mint An Nft On OpenSea
For more information about the service to learn more, check out their FAQs to get an overview 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. It is possible to read about its pros and pros here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency 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 recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions How To Mint An Nft On OpenSea
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to sell their works online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use it to sell NFTs due to its low cost of gas and low commission fees that you have to pay.
You can shop and browse the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in 2018. Since its system is based on a blockchain that is secure, you can 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 on your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks 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% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be commonly used on this site and other sites to provide many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea that is available for iOS as well as Android. Install it from their app store, and then you can begin exploring the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).