The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto currency. Marketplaces are popping up all over the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously 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 discover what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, 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.
OpenSea as an NFT Marketplace Nft David Diamond
The goal for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra charges. It has more functions which allow you to market your artwork without any difficulties.
In terms of the registration process, you don’t have to worry about giving all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It is also based on the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains, you can choose which one you’d like to publish your NFT as an seller. This will ensure the security of your NFT, along with those who would like to purchase it. All transactions will be made by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist you admire. Anyone can be a seller, but it takes a while for anyone to become a reputable one.
There are a variety of NFTs from the selection on OpenSea, and you can join in with this! You can create your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy is an NFT. A NFT is a token that is non-fungible which is extremely individual and cannot be substituted. It can be an item of any rarity like authentic baseball cards or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can just consider an NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming the owner of the item or token that you posted to the market place, but offering it for sale. Typically, this is official when you have filled in the correct information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and making a collection to begin! Fill out the proper and accurate information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain or money transfer tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to see if OpenSea is the right 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 kind of NFTs you can also sell if you choose to go down that path. The kind of NFT it can be is unlimited as there’s a variety of options for how to go about it.
You can be selling digital items, trading cards, game assets domain names, also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the others. There are no gas costs when you use this feature to create and market NFTs. This simply means that you’ll get the most profit when you start selling because you don’t need to pay on extra fees.
There aren’t many NFT marketplaces have this feature, so this is a great way to receive high profit from your portfolio.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. While you’re not able to buy or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. Nft David Diamond
You can convert your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
Each of them has 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 types of crypto, wallets are still more compatible with it than other. Since it is built around an ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency with credit cards. Nft David Diamond
For more information about the service You can go through their FAQs for the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalties).
- You cannot buy or sell products on our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft David Diamond
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs due to its low cost of gas and the low commission rate you must pay.
You can shop and browse a vast collection of digital products on this NFT marketplace, so you should go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a trusted marketplace since its inception at the end of 2018. Since the system it operates on is built on a blockchain, it is safe to say that your transactions are secure and safe.
Furthermore, 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 every customer. OpenSea’s team regularly reviews the content to ensure that users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties after you upload the NFT. This is believed to be reasonably low compared to others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is frequently used on this site and numerous others to cater for more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned, there is definitely an official mobile app from OpenSea available for both iOS and Android. Install it from their app store, and then you can begin exploring the collection now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts and receive alerts on any updates that affect 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/).