The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto coins. Marketplaces are popping up across the digital web designed to sell and buy 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 largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s see the possibilities of OpenSea and also see the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Operating An Nft
The aim for OpenSea was to simply provide a platform/marketplace for artists to upload commissions without any extra fees. It has more functions that let you sell your artwork without any difficulties.
In terms of registration, you won’t have to provide too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for most processes. It is also based with the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains, you can choose which one you’d like to upload your NFT on as seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions will be made by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist you admire. Anyone can be a seller however, it takes a while for anyone to be an established one.
There’s a huge selection from the selection on OpenSea, and you can also be a part of that! You can set up your own market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t exactly sure 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 latest ways you can purchase your cryptocurrency is an NFT. The NFT is a token that is non-fungible that is exclusive and cannot be substituted. It could be an item of rareness, such as rare baseball trading cards in mint condition or uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could simply consider an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to market, as you’re selling it. Usually, this is recognized after you fill in 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. All you have to do is visit the store and then creating a collection to start! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain and money transfer tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how the transactions go from here on out to see whether OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about what kind of NFTs can be found here, and what you could also sell if you choose to go that route. The type of NFT it can be is unlimited since there’s a broad range of ways to do it.
You can be selling digital items, trading cards, game assets, domain names, and even physical assets! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the others. There are no gas costs when you use this feature to mint and sell NFTs. This means you’ll get the most profit when you begin selling since you don’t need to pay on additional fees.
Not many NFT marketplaces provide this feature, which is why this can be a fantastic way to make a huge profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets, you can receive rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more money through this action.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also exchange your fiat money for cryptocurrency through these platforms. Operating An Nft
You can exchange the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
All of them have the option to exchange for ETH, which is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than other. Since it is built mainly using the ETH blockchain, all wallets with a connection to that network will be suitable for the site.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency using credit cards. Operating An Nft
To learn more about it, you can check their FAQs for a rundown of how you can start and also 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 an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Operating An Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its no gas costs and the low commission rate which you are required to pay.
You can browse and purchase the vast array of digital products on this NFT marketplace and you must go through it!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception in 2018. Because its system is built on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will appear to your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How can I earn royalties from OpenSea?
As an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be quite low in comparison with 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 crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before There is an official mobile application from OpenSea that is available for iOS or Android. Install it from their app store, and then you can begin exploring the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts as well as receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).