The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto currency. Markets have popped up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to watch 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 Music Nft Marketplace
The aim to create OpenSea was to provide an online marketplace for artists to easily upload their commissions, without having to pay any additional costs. It also has additional functions which allow you to market your work without having to deal with many problems.
For registration, you don’t need to provide all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for most processes. It is also based on the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains that are available it is possible to choose which one you want to upload your NFT on as seller. This is to ensure the security of your NFT, along with those who would like to purchase it. All transactions are made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name to official art from an artist you admire. Anyone can sell however, it takes time for anyone to be an established seller.
There is a wide variety in the collection on OpenSea and you could become a part of that! You can set up 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 cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t sure exactly what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible that is exclusive and cannot be changed. It could be a piece of rareness, such as mint-condition baseball trading cards or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could simply consider the NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You’re claiming the ownership of the particular item you uploaded on market, as putting it up for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and making a collection to begin! Fill out the proper and correct information regarding your NFT and select the type of settings you want for it (e.g., blockchain, payment tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from here on out to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering what kind of NFTs can you shop for here, and what you could also sell if you choose to pursue that route. The type of NFT it is unlimited as there’s a variety of how you can approach it.
It is possible to sell trade cards, digital goods games, domain names, and even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the other options. There are zero gas fees for using this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, and it is great for you to earn a high return from your collection.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages when you refer someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50% of the sale amount, letting you make more money by this method.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you You can also convert your fiat money into cryptocurrency using these platforms. Music Nft Marketplace
You can exchange your fiat currency using a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option of converting them into ETH, which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based on the ETH blockchain, all wallets which are part of this network are appropriate for this site.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and many 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 as well as the capability to buy cryptocurrency using a credit card. Music Nft Marketplace
To learn more about it, you can check their FAQs for an overview of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps for iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Music Nft Marketplace
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists using it to sell NFTs due to its no gas fees and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace and you must go through it!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Because its system is based on a blockchain, it is safe to declare that transactions are secure and safe.
Additionally, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will appear to your account or the collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and numerous others to cater for many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned There is an official mobile application from OpenSea that is available for iOS or Android. Install it from their app store and then you can begin browsing through the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive notifications about updates to 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/).