The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them and is worth checking out.
If you’re interested in crypto, 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 safety and speedy transactions.
So, hop on board and let’s see the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to check out 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 Music
The purpose to create OpenSea was to offer artists with a marketplace/platform to upload their commissions without any extra fees. It also has additional functions which allow you to market your artwork without any issues.
In terms of the registration process, you don’t have to provide any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It is also based with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains that are available you can pick which one you want to publish your NFT 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, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to official art by an artist you admire. Anyone can be a seller, but it takes a while for anyone to be an established seller.
There’s a huge selection from the selection on OpenSea and you can join in with that! You can create your own personal market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around for so long on 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 anyone who is new in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency that is unique and can’t be changed. This can be an item of any rarity like rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could simply imagine as an NFT being a virtual collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you posted to market, as selling it. Usually, this becomes official after you fill in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then creating a collection to start! Fill out the proper and complete information about your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain and money transfer tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
It is possible to wait and see how transactions progress from now to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself which kind of NFT can you shop for here, and what you could sell should you decide to go down that path. The type of NFT it can be isn’t limited as there’s a variety of options for how to approach it.
It is possible to sell digital items, trading cards games domain names, also physical goods! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the others. There are no gas costs when you use this feature when you create and market NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t need to spend on extra fees.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets that offer advantages when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, letting you make more money from this act.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps of OpenSea 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
Various crypto exchange platforms are available at your disposal to convert your fiat money into cryptocurrency through these platforms. Nft Music
You can swap the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of them have the option of converting them into ETH that is the primary crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly using the ETH blockchain, any wallets that share this network are appropriate for the site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency using credit cards. Nft Music
For more information about the service to learn more, check out their FAQs to see a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Music
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using it to sell NFTs because of its zero gas costs and low commission fee rate you must pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded at the end of the year of 2018. Since its system is built on blockchain technology that is secure, you can say that your transactions are secure and safe.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned on your account or the collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties after you upload the NFT. This is considered to be reasonably low compared with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is widely used on this site and other sites to provide more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier There is an official mobile app from OpenSea for both iOS or Android. Install it from their app store, and you can start browsing through the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts as well as 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/).