The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto coins. Marketplaces are popping up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea as well as examining the NFTs that you can see!
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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace How To Mint An Nft
The aim to create OpenSea was to offer a platform/marketplace for artists to upload commissions with no additional charges. It also has additional functions that let you sell your artwork without any difficulties.
When it comes to registration, you don’t need to provide all of your personal details. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It also functions on the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains that are available, you can choose which one you want to upload your NFT on as an seller. This will ensure the security of your NFT as well as the people who want to purchase it. Every transaction will be conducted using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can be a seller however it takes time for anyone to become an established one.
There’s a huge selection in the collection at OpenSea and you can become a part of this! You can start your own personal market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the 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 cryptocurrency.
One of the newest things you can buy is an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be changed. It can be a piece of rareness, such as authentic baseball cards or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you sell on the internet. It is simpler to just consider the NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling the ownership of the particular item that you posted to the market place, but you’re offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and creating a collection to start! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain or payment tokens). After that you are able to upload it if it fits the limit of 100MB.
It is possible to wait and see how transactions progress from now on to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering which kind of NFT can be found here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT it is unlimited because there’s a wide range of ways to do it.
You can be selling digital products, trading cards game assets domain names, even physical assets! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from other companies. There are no gas costs for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you sell because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces have this feature, so this is a great way to make a huge profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can earn more money from this act.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. While you’re not able to buy or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency on these platforms. How To Mint An Nft
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option of exchange for ETH that is the standard crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built using an ETH blockchain, all wallets with a connection to the same network are suitable for this site.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. How To Mint An Nft
To know more about it to learn more, check out their FAQs to see the steps you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this 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
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to sell their works online to receive cryptocurrency as a form of payment. It’s a great platform for artists using it to sell NFTs because of its zero gas costs and low commission fees which you are required to pay.
You can browse and shop for an array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established in 2018. Because its system is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear next to your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you can get only 10 percent of the royalties when you upload the NFT. This is thought to be quite low in comparison against other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as many others to accommodate many more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As mentioned before There is an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store and you can start exploring the collection right now!
A desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and get alerts on any updates that affect your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).