The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto currency. Markets have popped up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea White Label
The aim of OpenSea was to provide a platform/marketplace for artists to upload their commissions without any extra costs. There are additional features that allow you to sell your artwork without any difficulties.
When it comes to the registration process, you don’t have to give too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It also operates using the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds 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 and the people who want to purchase it. All transactions will be made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to an official artwork by an artist you admire. Anyone can become a seller, but it takes time before anyone can become an established seller.
There are a variety of NFTs from the selection on OpenSea and you can also be a part of that! You can set up your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry, the term “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 means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can buy includes an NFT. The NFT is a token that is non-fungible which is extremely individual and cannot be changed. This can be an item of rareness like authentic baseball cards or unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can simply consider the NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You are calling the ownership of the particular item that you posted to the market place, but you’re offering it for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and making a collection to begin! Input the appropriate and accurate information about your NFT and select the type of settings you want to use it with (e.g., blockchain or payment tokens). After you’ve completed the process then you’re able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see how transactions progress from now to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself which kind of NFT be found here and what kind of NFTs you can also sell if you choose to pursue that route. The kind of NFT it is unlimited as there’s a variety of ways to approach it.
You can be selling trade cards, digital goods games domain names, also physical goods! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees for using this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you sell because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, and it can be a fantastic way to earn a high return from your portfolio.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you earn more cash from this act.
Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea has over them.
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 scroll through the list.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency through these platforms. OpenSea White Label
You can convert your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
All of them have the option to exchange for ETH, which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than others. Since it is built using an ETH blockchain, all wallets with a connection to this network are appropriate for this site.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage as well as the capability to buy cryptocurrency using credit cards. OpenSea White Label
For more information about the service, you can check their FAQs to get an overview of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has any crypto currency 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. But overall, you can easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea White Label
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online to receive cryptocurrency as their form of payment. It’s a great platform for artists who use the platform to market NFTs because of its zero cost of gas and low commission fee rate that you have to pay.
You can browse and purchase an array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year of 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are safe and secure.
Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed to your account or any collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you will get only 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared to the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is widely utilized on this website and many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile application from OpenSea that is available for iOS or Android. Install it from their app store, and you can start exploring the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and get notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).