The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and leading 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 and also see the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Digital Trading Cards Nft
The aim for OpenSea was to offer artists with a marketplace/platform to upload their commissions without any extra fees. It has more functions that let you sell your art without too many issues.
For registration, you don’t need to provide too many details about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It also functions on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains available it is possible to choose which one you want to upload your NFT on as an 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, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can become a seller however, it takes a while for anyone to be an established one.
There is a wide variety from the selection at OpenSea, and you can become a part of the collection! You can start your own 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,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is very unique and can’t be replaced. It could be an item of any rareness, such as mint-condition baseball trading cards or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling on the internet. It is simpler to just think of an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling the owner of the item or token you uploaded on the marketplace, and selling it. Usually, this becomes official when you have filled in the correct information about the NFT and add it on the market.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and then creating a collection to start! Complete the correct and complete information about your NFT and then select what type of settings you want for it (e.g., blockchain and payments tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from here on out to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself which kind of NFT you shop for here and what you can also sell if you choose to go that route. The kind of NFT that you can purchase is unlimited as there’s a variety of ways to do it.
It is possible to sell digital items, trading cards game assets domain names, also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the others. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t have to spend on extra fees.
Very few NFT marketplaces have this feature, so this is great for you to make a huge profit from your portfolio.
The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer advantages when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse through the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Even though you can’t buy or sell something, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you to trade your fiat currency for cryptocurrency on these platforms. Digital Trading Cards Nft
You can swap your fiat currency using a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
All of these have the option of exchange for ETH, which is the most common cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than other. Because it is based around the ETH blockchain, all wallets with a connection to the same network are suitable for this website.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only, and the function to purchase cryptocurrency with a credit card. Digital Trading Cards Nft
To learn more about it You can go through their FAQs to see a rundown of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- You cannot buy or sell products on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Digital Trading Cards Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online to receive cryptocurrency as a form of payment. It’s a great platform for artists using for selling NFTs because of its zero gas costs and low commission fee rate that you have to pay.
You can browse and purchase an array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception on the 1st of December in 2018. Because its system is built on a blockchain, it is safe to say that your transactions are safe and secure.
Additionally, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear next to your account or the collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea available for both iOS as well as Android. Install it from their app store, and then you can begin exploring the collection now!
A desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts as well as receive 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/).