The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. Marketplaces are popping up across the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and discover what you can do with OpenSea and also see what NFTs you can view!
Before you go on, you may want to watch 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 How To Make Nft
The aim to create OpenSea was to offer an online marketplace for artists to upload commissions without any extra fees. It has more functions that let you sell your work without having to deal with many issues.
For registration, you don’t need to provide too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates using the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains that are available you can pick which one you’d like to upload your NFT on as seller. This will ensure the security of your NFT and the people who want to purchase it. All transactions are made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist that you admire. Anyone can sell however it takes time before anyone can become an established seller.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you can become a part of that! You can set up your own market there, and also 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 so long on the internet that many millennials have heard of it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. The NFT is a token that is non-fungible which is extremely unique and can’t be substituted. It could be an item of rareness, such as rare baseball trading cards in mint condition, or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could just think of the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the ownership of the particular item that you posted to market, as selling it. Usually, this is recognized once you fill out the proper information regarding 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 simply create a collection! Fill out the proper and complete information about your NFT and select the type of settings you’d like for it (e.g. blockchain or money transfer tokens). After that, you can finally upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about what kind of NFTs be purchased here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it can be is indefinite since there’s a broad range of options for how to do it.
You can be selling trade cards, digital goods, game assets, domain names, and also physical goods! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the other options. There are zero gas fees for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t need to spend on additional fees.
Very few NFT marketplaces have this feature, and it is great for you to earn a high return from your NFT collection.
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more cash from this act.
Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps of OpenSea are available for both iOS as well as Android. Even though you can’t buy or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency through these platforms. OpenSea How To Make Nft
You can swap your fiat currency using a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of exchange for ETH which is the standard crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built mainly using an ETH blockchain, any wallets which are part of that network will be suitable for this site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency with the credit card. OpenSea How To Make Nft
To know more about it, you can check their FAQs for the steps you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- You cannot buy or sell products through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are a seller, 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 actively sell because there’s no additional cost for it.
Frequently Asked Questions OpenSea How To Make Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists using for selling NFTs due to its low gas fees and low commission fees that you have to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to declare that transactions are protected and secured.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed on your account or any collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be frequently used on this site and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies that you can buy 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 easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store, and you can start browsing through the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).