Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s see the possibilities of 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 will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Buy Nft Trading Cards
The goal to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions without any extra costs. There are additional features that let you sell your work without having to deal with many difficulties.
When it comes to registration, you don’t need to provide all of your personal details. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also functions using the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as a seller. This ensures the safety of your NFT as well as those who wish to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist you admire. Anyone can be a seller, but it takes time for anyone to become an established one.
There is a wide variety of NFTs available on OpenSea and you can also be a part of this! You can create your own marketplace on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t exactly sure 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 that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible token that is very exclusive and cannot be changed. It can be an item of any rareness like rare baseball trading cards in mint condition or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. More straightforwardly, you can just consider the NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. You’re claiming the ownership of the particular item that you have uploaded to the marketplace, and offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and create a collection! Complete the correct and correct information regarding your NFT and select the type of settings you’d like for it (e.g. blockchain or payment tokens). After you’ve completed the process, you can finally upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from now on to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about which kind of NFT can be found here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it isn’t limited since there’s a broad range of ways to approach it.
It is possible to sell digital items, trading cards game assets domain names, some physical items! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There’s no cost for gas for using this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you sell because you don’t need to pay on additional fees.
Not many NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your collection.
A Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which means you can earn more cash through this action.
Other NFT marketplaces do not have this feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you to trade your fiat currency for cryptocurrency using these platforms. Buy Nft Trading Cards
You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
Each of them has the option to 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 forms of crypto, wallets are still more compatible with it than others. Since it is built using the ETH blockchain, any wallets which are part of that network will be suitable for this site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage and the ability to buy cryptocurrency using credit cards. Buy Nft Trading Cards
To learn more about it You can go through their FAQs to get an overview of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS as well as 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 market and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- It is not possible to buy or sell items through the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Buy Nft Trading Cards
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists using the platform to market NFTs due to its low cost of gas and the low commission rate which you are required to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established at the end of the year 2018. Since the system it operates on is built on blockchain technology, it is safe to claim that your transactions are secure and safe.
Additionally as a seller you can become verified once you have built up your credibility. A blue checkmark will appear next to your account or any collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you can get only 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared with the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and many others to accommodate many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier There is an official mobile app by OpenSea available for both iOS and Android. Download it at their respective app store, and you can start exploring the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts and get notifications on updates regarding 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/).