The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one and is worth a look.
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 leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and discover the possibilities of OpenSea as well as examining 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Js Tutorial
The aim to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional costs. It also has additional functions which allow you to market your work without having to deal with many issues.
In terms of registration, you don’t need to worry about giving all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). The 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 using the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains available it is possible to choose which one you would like to upload your NFT on as seller. This is to ensure the security of your NFT, along with those who wish to buy it. Every transaction will be conducted by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can become a seller however, it takes some time for anyone to be a reputable one.
There’s a huge selection of NFTs available at OpenSea, and you can also be a part of this! You can create your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it is. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the new things you can buy is an NFT. An NFT is a non-fungible token which is extremely unique and can’t be substituted. It could be an item of any rareness like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you can sell online. More straightforwardly, you can simply imagine the NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You are calling ownership over that particular token/item you uploaded on market, as offering it 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 process to mine your NFTs. All you have to do is visit the store and simply creating a collection to start! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like to use for it (e.g. blockchain and money transfer tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from now to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself what kind of NFTs be found here, and what you could sell should you decide to pursue that route. The kind of NFT it is unlimited as there’s a variety of ways to approach it.
You could be selling digital products, trading cards games domain names, also physical goods! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from the others. There are zero gas fees when you use this feature when you mint and sell NFTs. This simply means that you’ll get the most profit 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 is great for you to earn a high return from your portfolio.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also trade your fiat currency for cryptocurrency through these platforms. OpenSea Js Tutorial
You can convert the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of converting them into ETH, which is the most common crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Since it is built on the ETH blockchain, all wallets which are part of the same network are suitable for the site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using a credit card. OpenSea Js Tutorial
To learn more about it to learn more, check out their FAQs to get an overview of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- You cannot buy or sell products on the mobile app.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea Js Tutorial
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs due to its low gas costs and the low commission rate that you have to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure that users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be quite low in comparison to the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is commonly used on this site and many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier there’s an official mobile application from OpenSea for both iOS or Android. You can download it through their app store and you can start exploring the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as receive alerts on any updates that affect your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).