The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto currency. Marketplaces are popping up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re interested in crypto, you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s see what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace How To Sell Music As Nft
The purpose for OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional fees. It has more functions that let you sell your artwork without any difficulties.
In terms of the registration process, you don’t have to worry about giving any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It also functions using the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains, you can choose which one you want to publish your NFT as seller. This ensures the safety of your NFT and those who would like to purchase it. All transactions will be made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a 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 seller.
There is a wide variety in the collection on OpenSea, and you can become a part of that! You can start your own marketplace on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market the term “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. A NFT is a token that is non-fungible that is very individual and cannot be changed. This can be an item of any rarity like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible object that you can sell on the internet. In simpler terms, you could simply consider an NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item you uploaded on market, as putting it up for sale. Typically, this is official once you fill out the correct information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and simply create a collection! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain or money transfer tokens). After that then you’re able to upload it, if it’s within the limit of 100MB.
You can watch and see the way transactions are handled from now on to determine if OpenSea is the marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself what kind of NFTs can be found here, and what you could also sell if you decide to go down that path. The type of NFT it isn’t limited since there’s a broad range of options for how to do it.
You could be selling digital products, trading cards game assets, domain names, and some physical items! Consider what you believe will bring the greatest 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 no gas costs when you utilize this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, which is why this is great for you to receive high profit from your portfolio.
The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, letting you earn more cash through this action.
Other NFT marketplaces do not have this kind of feature either and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. While you’re not able to buy or sell things, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use to convert your fiat money into cryptocurrency on these platforms. How To Sell Music As Nft
You can convert your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
Each of them has the option of exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than others. Because it is based around the ETH blockchain, any wallets which are part of the same network are suitable for the site.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency using credit cards. How To Sell Music As Nft
To learn more about it to learn more, check out their FAQs to see an overview of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions How To Sell Music As Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online and receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its no gas fees and low commission fees you must pay.
You can browse and shop for an array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Because its system is built on blockchain technology and is secured, it is safe to say that your transactions are secure and safe.
Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark will be assigned to your account or any collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll get only 10% of the royalties once you upload the NFT. This is considered to be a reasonable amount compared with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is widely utilized on this website and other sites to provide the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile application from OpenSea that is available for iOS and Android. You can download it through their app store and then you can begin exploring the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).