The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and let’s see what you can do with OpenSea and also see what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace How To Sell Nft On Rarible
The aim for OpenSea was to offer artists with a marketplace/platform to easily upload their commissions with no additional charges. There are additional features that let you sell your art without too many issues.
For the registration process, you don’t have to provide any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It also operates using the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains, you can choose which one you want to transfer your NFT to as an seller. This is to ensure the security of your NFT and those who would like to buy it. All transactions will be made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to official art by an artist you admire. Anyone can be a seller, but it takes time for anyone to become an established seller.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you can join in with the collection! You can set up your own personal market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto market”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 not exactly sure what it actually means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the newest things you can buy includes an NFT. The NFT is a token that is non-fungible that is very exclusive and cannot be changed. This can be a piece of rareness like rare baseball trading cards in mint condition, or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can just think of the NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling the owner of the item or token that you posted to market, as offering it for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and create a collection! Fill out the proper and complete information about your NFT and then select what type of settings you want for it (e.g., blockchain and payment tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from now to see if OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about what kind of NFTs can be found here, and what you could also sell if you choose to go down that path. The kind of NFT it can be isn’t limited as there’s a variety of how you can go about it.
You can be selling digital items, trading cards games, domain names, and also physical goods! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from other companies. There are no gas costs 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 additional fees.
Very few NFT marketplaces provide this feature, and it is great for you to receive high profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
The mobile apps of OpenSea are available for both iOS in addition to Android. While you’re not able to buy or sell things, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to trade your fiat currency for cryptocurrency on these platforms. How To Sell Nft On Rarible
You can exchange the fiat currency you have with a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
All of them have the option of exchange for ETH that is the primary cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Since it is built around an ETH blockchain, all wallets with a connection to the same network are suitable for this site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage and the ability to buy cryptocurrency using credit cards. How To Sell Nft On Rarible
To learn more about it to learn more, check out their FAQs to see an overview of how you can begin and what other crypto wallets work 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 the only one to have this. You can view its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% for artists (low royalty).
- You cannot buy or sell products via the mobile app.
- 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 any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions How To Sell Nft On Rarible
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online to receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its low cost of gas and the low commission rate which you are required to pay.
You can browse and shop for an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year of 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned to your account or collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be quite low in comparison against others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and many others to accommodate the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before There is an official mobile application from OpenSea available for both iOS and Android. Install it from their app store and you can start exploring the collection now!
A desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and get notifications on updates regarding 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/).