The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto currency. Markets have popped up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Mint Nft For Free
The goal of OpenSea was to offer an online marketplace for artists to upload commissions, without having to pay any additional charges. It has more functions which allow you to market your work without having to deal with many problems.
In terms of the registration process, you don’t have to worry about giving too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It also operates using the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains you can pick which one you’d like to publish your NFT as an seller. This ensures the safety of your NFT, along with the people who want to purchase it. All transactions will be made using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist that 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 at OpenSea and you can also be a part of this! You can start your own personal market there, and also find NFTs that you would like to purchase 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 internet that a lot of millennials 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 the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible currency that is unique and can’t be substituted. It can be a piece of rarity like mint-condition baseball trading cards or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you can sell online. More straightforwardly, you can just imagine as an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. It is a way of claiming ownership over that particular token/item that you posted to the market place, but offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and then add it on the market.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and create a collection! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain and payment tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
You can watch and see how transactions progress from here on out to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering which kind of NFT you shop for here and what you can also sell if you decide to pursue that route. The type of NFT it isn’t limited because there’s a wide range of ways to go about it.
You could be selling digital products, trading cards game assets domain names, also physical goods! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the others. There are no gas costs when you utilize 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 don’t need to pay on extra fees.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll earn 2.50% of the sale amount, which allows you to make more money from this act.
Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly 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 as well as Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency through these platforms. Mint Nft For Free
You can swap your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
All of them have the option to 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 kinds of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built on an ETH blockchain, all wallets which are part of the same network are suitable for this site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage, and the function to purchase cryptocurrency using the credit card. Mint Nft For Free
To know more about it, you can check their FAQs to get a rundown of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t an exception to 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 support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Mint Nft For Free
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to market their work online to receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use the platform to market NFTs because of its zero gas fees and low commission fees which you are required to pay.
You can shop and browse the vast array of digital products on this NFT marketplace and you must go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded in the year of 2018. Because its system is built on blockchain technology and is secured, it is safe to claim that your transactions are protected and secured.
In addition, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark is placed on your account or collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared to others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is commonly used on this site and many others to accommodate more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile application from OpenSea that is available for iOS and Android. Install it from their app store, and then you can begin exploring the collection now!
The Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).