Cryptocurrency is booming right now and you’re probably thinking where to 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 is worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s explore what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Selling As Nft
The goal of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions without any extra charges. It also has additional functions that let you sell your artwork without any problems.
For the registration process, you don’t have to give any personal information about yourself. 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, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It is also based on the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains, you can choose which one you want to publish your NFT as seller. This is to ensure the security of your NFT, along with those who would like to purchase it. All transactions are made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist you admire. Anyone can sell however it takes some time for anyone to be an established one.
There is a wide variety from the selection on OpenSea and you can join in with this! You can set up your own marketplace here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with 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 cryptocurrency.
One of the newest things you can buy can be an NFT. The NFT is a non-fungible token that is individual and cannot be replaced. It could be an item of any rareness like authentic baseball cards or rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing you’re selling online. More straightforwardly, you can just imagine the NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You are calling ownership over that particular token/item you uploaded on the market place, but you’re offering it for sale. Typically, this is official after you fill in all the necessary information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and simply creating a collection to start! Complete the correct and accurate information about your NFT and select the type of settings you want for it (e.g., blockchain and payment tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
You can watch and see the way transactions are handled from here on out to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about what kind of NFTs can you shop for here and what you can sell should you decide to go that route. The kind of NFT that you can purchase is indefinite as there’s a variety of ways to approach it.
You could be selling trade cards, digital goods games domain names, also physical goods! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from other companies. There’s no cost for gas for using this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t have to spend on extra fees.
Very few NFT marketplaces offer this feature, and it is great for you to earn a high return from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are benefits when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more money by this method.
Other NFT marketplaces do not have the same feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you You can also convert your fiat money into cryptocurrency through these platforms. Selling As Nft
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option of converting them into ETH which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than other. Because it is based on an ETH blockchain, any wallets that share the same network are suitable for this site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency using credit cards. Selling As Nft
To know more about it You can go through their FAQs to get a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with 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 royalties 10% for artists (low royalties).
- You cannot buy or sell products on the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Selling As Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online and receive cryptocurrency as a method of payment. It’s a great platform for artists who use for selling NFTs because of its zero gas fees and the low commission rate which you are required to pay.
You can browse and purchase an array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year of 2018. Since the system it operates on is built on blockchain technology, it is safe to declare that transactions are secure and safe.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned on your account or any collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure that users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is believed to be reasonably low compared against others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been widely used on this site as well as other sites to provide the increasing number of cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned there’s an official mobile app from OpenSea for both iOS as well as Android. You can download it through their app store and begin exploring the collection now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and get notifications about updates to 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/).