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 web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea as well as examining what NFTs you can view!
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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Buy Topps Nft
The purpose to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions without any extra fees. It also has additional functions that let you sell your artwork without any issues.
In terms of registration, you won’t have to provide all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains that are available you can pick which one you’d like to transfer your NFT to as a seller. This ensures the safety of your NFT, along with the people who want to buy 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 like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist that you admire. Anyone can be a seller, but it takes some time before anyone can become an established one.
There is a wide variety of NFTs available at OpenSea and you can become a part of the collection! You can set up your own market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “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 means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can buy includes an NFT. The NFT is a non-fungible token which is extremely unique and can’t be replaced. This can be an item of any rareness like authentic baseball cards, or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible object that you can sell online. In simpler terms, you could just think of an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token that you have uploaded to the marketplace, and putting it up for sale. Usually, this is recognized when you have filled in the correct information about the NFT and then add it on the market.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and simply creating a collection to start! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain, payment tokens). Once that’s all done, you can finally upload it to the internet if it’s in the 100 MB limit.
You can watch and see how the transactions go from now to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself which kind of NFT can you shop for here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT that you can purchase is indefinite as there’s a variety of how you can approach it.
You could be selling digital products, trading cards game assets, domain names, and also physical goods! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the other options. There are zero gas fees when you use this feature to make and then sell the NFTs. This means you’ll be able to make the highest profits once you start selling because you don’t need to pay on any additional charges.
Very few NFT marketplaces offer this feature, which is why this is great for you to make a huge profit from your collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are benefits by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which allows you to earn more money through this action.
Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available on both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency on these platforms. Buy Topps Nft
You can swap the fiat currency you have with a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of them have the option of exchange for ETH that is the most common cryptocurrency payment option 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 other. Since it is built mainly around an ETH blockchain, wallets that share this network are appropriate for this website.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency using a credit card. Buy Topps Nft
For more information about the service, you can check their FAQs to see a rundown of how you can begin and also what other crypto 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 the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- You cannot buy or sell products on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Buy Topps Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs because of its zero gas fees and the low commission rate that you have to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legitimate and is it safe?
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 a blockchain and is secured, it is safe to declare that 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 next to your account or any collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties on OpenSea?
As an artist, you can get only 10% of the royalties once you upload the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and other sites to provide many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned, there is definitely an official mobile app by OpenSea for both iOS as well as Android. You can download it through their app store and then you can begin exploring the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and get alerts on any updates that affect 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/).