The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking 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. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Basketball Nft
The purpose of OpenSea was to provide artists with a marketplace/platform to upload commissions without any extra costs. It has more functions which allow you to market your work without having to deal with many issues.
When it comes to registration, you won’t have to provide any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It also functions with the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds 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, along with those who would like to purchase it. All transactions are made along with 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 that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to official art by an artist you admire. Anyone can become a seller however, it takes time before anyone can become an established seller.
There are a variety of NFTs in the collection at OpenSea, and you can become a part of that! You can create your own market there, and also find NFTs you want to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent advancement for 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 have heard of it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can buy includes an NFT. An NFT is a non-fungible currency that is individual and cannot be changed. This can be an item of rareness, such as authentic baseball cards or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item you’re selling on the internet. In simpler terms, you could just think of the NFT being a virtual collectible paid via cryptocurrency only.
Minting NFTs
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the ownership of the particular item that you have uploaded to market, as selling it. Usually, this becomes official after you fill in the correct information about the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and simply creating a collection to start! Input the appropriate and accurate information about your NFT and select the type of settings you want to use it with (e.g., blockchain, payment tokens). After that you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled from now to see if OpenSea is the best marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
At this point you’re probably thinking about which kind of NFT can be found here, and what you could also sell if you choose 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 trade cards, digital goods games, domain names, and even physical assets! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the other options. There are zero gas fees when you use this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, which is why this is great for you to make a huge profit from your portfolio.
Referral Program
This Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are rewards by referring someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more money through this action.
Other NFT marketplaces don’t offer the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to exchange your fiat money for cryptocurrency on these platforms. Basketball Nft
You can convert the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
Each of them has the option of converting them into ETH, which is the most common crypto payment in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly around the ETH blockchain, all wallets that share this network are appropriate for this site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only and the ability to buy cryptocurrency using the credit card. Basketball Nft
To learn more about it to learn more, check out their FAQs to see a rundown of how you can start and what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
Pros
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
Cons
- Allows royalties up to 10% for artists (low royalties).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a type of payment.
- A Crypto digital wallet must be used to use this marketplace.
Pricing
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Basketball Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists who use the platform to market NFTs because of its zero gas fees and low commission fee rate you must pay.
You can browse and shop for an array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded in 2018. Because its system is built on blockchain technology and is secured, it is safe to declare that transactions are safe and secure.
Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear to your account or any collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties from OpenSea?
As an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned there’s an official mobile app from OpenSea available for both iOS as well as Android. Install it from their app store, and you can start exploring the collection right now!
A desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application 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/).
