The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto-coins. Markets have popped up all over the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of 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 quick transactions.
Now hop aboard, and discover what you can do with OpenSea, along with checking 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace What Nft Art Sells Best
The goal for OpenSea was to offer an online marketplace for artists to easily upload their commissions with no additional costs. There are additional features that let you sell your artwork without any difficulties.
In terms of registration, you don’t need to worry about giving too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It also functions using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains, you can choose which one you’d like to publish your NFT as a seller. This ensures the safety of your NFT, along with those who would like to buy it. All transactions are made using this blockchain, and you must think about 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 buy anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can become a seller however, it takes some time before anyone can become an established seller.
There is a wide variety in the collection of NFTs available at OpenSea, and you can become a part of this! You can create your own personal market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t sure exactly what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things you can buy can be an NFT. An NFT is a non-fungible token which is extremely exclusive and cannot be substituted. This can be a piece of rareness, such as rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you sell online. More straightforwardly, you can just imagine as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You’re claiming the ownership of the particular item that you have uploaded to the market place, but you’re selling it. Typically, this is official when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and then 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 it with (e.g. blockchain and money transfer tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from here on out to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about the kind of NFTs can be found here and what kind of NFTs you can sell should you decide to go that route. The type of NFT it can be is indefinite since there’s a broad range of how you can approach it.
You can be selling digital items, trading cards games, domain names, and also physical goods! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from other companies. There are no gas costs for using this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces offer this feature, and it is great for you to earn a high return from your collection.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can make more money by this method.
Other NFT marketplaces do not have this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to exchange your fiat money for cryptocurrency using these platforms. What Nft Art Sells Best
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
All of these have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built using an ETH blockchain, wallets with a connection to that network will be suitable for the site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only and the ability to buy cryptocurrency using a credit card. What Nft Art Sells Best
To know more about it to learn more, check out their FAQs to get a rundown of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. 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 or Android.
- Smart contracts are utilized 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 royalty).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions What Nft Art Sells Best
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way for selling their artwork online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its low gas costs and low commission fee rate you must pay.
You can shop and browse an array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception in the year 2018. Since the system it operates on 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’ve earned a reputation. A blue checkmark will appear on your account or collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10% of the royalties once you have uploaded the NFT. This is considered to be quite low in comparison against others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and many others to accommodate many more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before, there is definitely an official mobile application from OpenSea that is available for iOS or Android. Download it at their respective app store and then you can begin browsing through the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts as well as receive notifications about updates to your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).