Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto coins. Marketplaces are popping up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Minting Cost
The aim to create OpenSea was to simply provide an online marketplace for artists to upload their commissions with no additional fees. It has more functions which allow you to market your artwork without any issues.
When it comes to registration, you don’t need to give any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains it is possible to choose which one you would like to transfer your NFT to as seller. This is to ensure the security of your NFT, along with those who would like to buy it. Every transaction will be conducted 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 where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist you admire. Anyone can sell however it takes some time for anyone to become an established seller.
There’s a huge selection from the selection at OpenSea, and you can join in with that! You can set up your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t sure exactly what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible token that is very individual and cannot be replaced. This can be an item of rareness like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible item that you can sell on the internet. In simpler terms, you could simply think of as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You’re claiming the owner of the item or token that you have uploaded to the marketplace, and putting it up for sale. Typically, this is official once you fill out the correct information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and simply making a collection to begin! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain, money transfer tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
You can watch and see how the transactions go from here on out to see whether OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself what kind of NFTs be purchased here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT it is indefinite as there’s a variety of ways to do it.
You could be selling digital products, trading cards games domain names, even physical assets! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the others. There are no gas costs when you utilize this feature to create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, and it is great for you to receive high profit from your collection.
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive rewards by referring someone else 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 make more money through this action.
Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency through these platforms. Nft Minting Cost
You can exchange your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of exchange for ETH, which is the standard crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than others. Because it is based using the ETH blockchain, any wallets which are part of the same network are suitable for the site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only and the ability to purchase cryptocurrency using credit cards. Nft Minting Cost
To know more about it, you can check their FAQs to see a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are utilized for 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 royalty rates).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re 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 sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Minting Cost
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online and receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its no gas costs and the low commission rate you must 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 is it safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year 2018. Since its system is built on a blockchain, it is safe to declare that transactions are secure and safe.
Furthermore, as a seller, you can become verified once you build up your reputation. A blue checkmark will appear on your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared to the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been widely used on this site and numerous others to cater for more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its 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 exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile app by OpenSea available for both iOS and Android. Install it from their app store, and then you can begin browsing through the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can 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/).