The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and discover the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Api Tutorial
The aim of OpenSea was to simply provide a platform/marketplace for artists to upload their commissions without any extra charges. It has more functions that let you sell your work without having to deal with many difficulties.
For registration, you won’t have to worry about giving all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for the majority of transactions. It also functions with the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains you can pick which one you’d like to publish your NFT as seller. This ensures the safety of your NFT as well as those who wish to buy it. All transactions will be made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist that you admire. Anyone can sell, but it takes a while for anyone to be an established seller.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you could also be a part of that! You can start your own marketplace here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market, the term “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible token that is very individual and cannot be replaced. It can be a piece of rarity like authentic baseball cards or rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item you’re selling online. It is simpler to simply think of 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 ownership of the particular item that you have uploaded to market, as offering it for sale. Typically, this is official once you fill out the proper information regarding the NFT and submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and creating a collection to start! Input the appropriate and accurate information about your NFT and select the type of settings you want for it (e.g., blockchain, payments tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe the way transactions are handled from here on out to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering which kind of NFT be found here, and what you could also sell if you choose to pursue that route. The kind of NFT it is unlimited as there’s a variety of how you can do it.
You could be selling trade cards, digital goods game assets domain names, also physical goods! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from other companies. There are zero gas fees when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you don’t need to pay on any additional charges.
Not many NFT marketplaces have this feature, so this is a great way to make a huge profit from your portfolio.
The Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces there are rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can make more money from this act.
Other NFT marketplaces don’t have this feature, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available on both iOS as well as Android. Even though you can’t buy or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency using these platforms. OpenSea Api Tutorial
You can convert your fiat currency using a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of these have the option to exchange for ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than other. Because it is based around the ETH blockchain, wallets with a connection to this network are appropriate for this website.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage and the ability to purchase cryptocurrency with the credit card. OpenSea Api Tutorial
To know more about it, you can check their FAQs for a rundown of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% to artists (low royalties).
- It is not possible to buy or sell items on our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea Api Tutorial
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online to receive cryptocurrency as a method of payment. It’s a great option for artists who want to use the platform to market NFTs due to its no gas costs and low commission fee rate that you have to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace and you must go through it!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established in the year 2018. Because its system is built on blockchain technology, it is safe to declare that transactions are secure and safe.
Furthermore as a seller you will be verified after you build up your reputation. A blue checkmark will appear on your account or 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 from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is thought to be reasonably low compared against other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is frequently used on this site as well as many others to accommodate many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on 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 mentioned before there’s an official mobile app by OpenSea for both iOS or Android. Download it at their respective app store and begin exploring the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and get notifications about updates to 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/).