The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto-coins. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto 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 security and rapid transactions.
So, hop 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 watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace What Can I Sell As An Nft
The purpose of OpenSea was to offer artists with a marketplace/platform to easily upload their commissions with no additional charges. It also has additional functions which allow you to market your artwork without any problems.
When it comes to registration, you won’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 hassles when you enter into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It also functions with the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains that are available it is possible to choose which one you would like to transfer your NFT to as an seller. This will ensure the security of your NFT, along with 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’s like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes some time before anyone can become an established seller.
There are a variety of NFTs in the collection on 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 yourself.
What is an NFT?
In a recent advancement 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 many millennials have heard of it but aren’t sure exactly what it is. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible token that is unique and can’t be substituted. It can be an item of any rareness like authentic baseball cards, or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you can sell on the internet. It is simpler to simply think of an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You are calling the owner of the item or token that you posted to the marketplace, and you’re putting it up for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and making a collection to begin! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g. blockchain and payments tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
You can watch and see the way transactions are handled from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself the kind of NFTs you shop for here and what you can also sell if you decide to pursue that route. The kind of NFT that you can purchase is indefinite as there’s a variety of ways to do it.
You can be selling digital items, trading cards game assets, domain names, and even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the others. There are no gas costs when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you don’t need to pay on extra fees.
Not many NFT marketplaces offer this feature, and it can be a fantastic way to earn a high return from your NFT collection.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are advantages when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more cash by this method.
Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. While you’re not able to buy or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use to exchange your fiat money for cryptocurrency using these platforms. What Can I Sell As An Nft
You can exchange your fiat currency using a your credit or debit card as well as 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 primary cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built around the ETH blockchain, wallets that share that network will be suitable for the site.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage, and the function to purchase cryptocurrency with a credit card. What Can I Sell As An Nft
To know more about it You can go through their FAQs for a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions What Can I Sell As An Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online to receive cryptocurrency as their form of payment. It’s a great platform for artists using the platform to market NFTs because of its zero gas fees and low commission fee rate that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded at the end of the year 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to say that your transactions are safe and secure.
Furthermore as a seller you will be verified after you build up your reputation. A blue checkmark is placed next to your account or the collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is thought to be a reasonable amount compared against others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is commonly utilized on this website and other sites to provide many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS and Android. Download it at their respective app store, and you can start browsing through the collection right now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and receive notifications on updates regarding 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/).