Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto coins. Markets have popped up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s see what you can do with OpenSea and also see the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Minting Nft
The goal of OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional charges. There are additional features that allow you to sell your artwork without any problems.
In terms of 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 simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for most processes. It is also based with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains that are available you can pick which one you would like to upload your NFT on as a seller. This is to ensure the security of your NFT as well as the people who want to purchase it. All transactions will be made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to an official artwork by an artist you admire. Anyone can be a seller, but it takes a while for anyone to become an established one.
There are a variety of NFTs in the collection at OpenSea and you could join in with that! You can set up your own marketplace here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible currency which is extremely unique and can’t be substituted. It could be a piece of rarity like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing that you can sell on the internet. It is simpler to just think of as an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the marketplace, and you’re offering it for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and then making a collection to begin! Fill out the proper and correct information regarding your NFT and then select what type of settings you want to use it with (e.g., blockchain or payment tokens). Once that’s all done, you can finally upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how the transactions go from here on out to see if OpenSea is the best marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering the kind of NFTs can you shop for here and what you can also sell if you choose to pursue that route. The kind of NFT that you can purchase is indefinite since there’s a broad range of ways to go about it.
It is possible to sell trade cards, digital goods games domain names, some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from other companies. 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 receive the maximum profits when you begin selling since you don’t need to pay on any additional charges.
Very few NFT marketplaces offer this feature, and it can be a fantastic way to receive high profit from your collection.
The Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces there are benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which allows you to make more money from this act.
Other NFT marketplaces do not have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal to convert your fiat money into cryptocurrency using these platforms. Minting Nft
You can swap the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option to exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly around an ETH blockchain, all wallets which are part of that network will be suitable for this site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only, and the function to buy cryptocurrency using the credit card. Minting Nft
For more information about the service to learn more, check out their FAQs to see an overview of how you can get started 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 the only one to have this. You can read about its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- You cannot buy or sell products on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Minting Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using it to sell NFTs due to its low gas fees and low commission fees which you are required to 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 safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year 2018. Since the system it operates on is built on blockchain technology, it is safe to declare that transactions are protected and secured.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed on your account or collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be reasonably low compared against others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be widely 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 utilize to access OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned 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!
The version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and receive notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).