Cryptocurrency is booming 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 purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking the NFTs that you can see!
Before you continue, 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 Athletes Nft
The purpose of OpenSea was to offer artists with a marketplace/platform to upload commissions, without having to pay any additional costs. There are additional features that allow you to sell your art without too many issues.
For the registration process, you don’t have to worry about giving too many details 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 going through many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It is also based using the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains it is possible to choose which one you would like to publish your NFT as seller. This is to ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can be a seller, but it takes time before anyone can become an established seller.
There are a variety of NFTs in the collection at OpenSea, and you can join in with that! You can start your own marketplace here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but not exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. The NFT is a token that is non-fungible which is extremely individual and cannot be substituted. It can be a piece of rarity like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible item you’re selling online. It is simpler to just imagine an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the market place, but you’re putting it up for sale. Typically, this is official after you fill in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and simply create a collection! Complete the correct and correct information regarding your NFT and then select what type of settings you want to use it with (e.g., blockchain, money transfer tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.
You can wait and observe the way transactions are handled from now to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering which kind of NFT be found here and what kind of NFTs you can also sell if you choose to go down that path. The kind of NFT it is indefinite since there’s a broad range of options for how to go about it.
You could be selling digital products, trading cards game assets, domain names, and some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. There’s no cost for gas when you use this feature to create and market NFTs. This means you’ll get the most profit when you begin selling since you don’t need to pay on any additional charges.
Not many NFT marketplaces offer this feature, so this is great for you to receive high profit from your collection.
The Referral Program is another distinctive feature of OpenSea to take note of. 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 purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which means you can earn more money by this method.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for both iOS and Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also trade your fiat currency for cryptocurrency on these platforms. Athletes Nft
You can swap the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
All of them have the option of exchange for ETH that is the primary crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built using the ETH blockchain, all wallets which are part of the same network are suitable for the site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency with credit cards. Athletes Nft
To learn more about it, you can check their FAQs to see a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- You cannot buy or sell products on our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Athletes Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to market their work online to receive cryptocurrency as their form of payment. It’s a great option for artists who want to use it to sell NFTs because of its zero gas costs and low commission fees you must pay.
You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established at the end of the year 2018. Since the system it operates on is based on a blockchain, it is safe to claim that your transactions are protected and secured.
Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark is placed to your account or any collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you will get only 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison against the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site and other sites to provide more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need 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 definitely an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store and begin browsing through the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).