The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto coins. Marketplaces are popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s see what you can do with 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 Harry Potter Nft
The goal for OpenSea was to simply provide artists with a marketplace/platform to upload commissions, without having to pay any additional fees. There are additional features that let you sell your artwork without any issues.
When it comes to the registration process, you don’t have 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 many hassles when you enter into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized to carry out the majority of processes. It also operates using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains available you can pick which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT, along with those who would like to buy it. Every transaction will be conducted by using the 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 where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist you admire. Anyone can sell however it takes a while for anyone to become a reputable one.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea, and you can join in with this! You can create your own personal market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials 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 latest ways you can purchase your cryptocurrency includes an NFT. An NFT is a token that is non-fungible that is unique and can’t be changed. This can be a piece of rareness, such as rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could just imagine an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You are calling ownership over that particular token/item you uploaded on market, as selling it. Typically, this is official after you fill in the correct information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and creating a collection to start! Complete the correct and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain or money transfer tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how the transactions go from now on to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering which kind of NFT you shop for here and what you can sell should you decide to go down that path. The kind of NFT it can be is unlimited because there’s a wide range of ways to go about it.
You can be selling digital items, trading cards, game assets domain names, also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from other companies. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you 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 have this feature, which is why this is great for you to receive high profit from your portfolio.
A Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer advantages by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more money from this act.
Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available on both iOS and Android. While you’re not able to buy or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency through these platforms. Harry Potter Nft
You can exchange your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
All of them have the option of converting them into ETH that is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Since it is built around an ETH blockchain, any wallets with a connection to this network are appropriate for this website.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, only mobile usage, and the function to buy cryptocurrency using the credit card. Harry Potter Nft
To know more about it You can go through their FAQs to see a rundown of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Harry Potter Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use for selling NFTs because of its zero gas fees and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Since its system is built on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned next to your account or the collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be quite low in comparison against others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and many others to accommodate the increasing number of cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile app from OpenSea for both iOS as well as 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. On the desktop app you can manage multiple accounts and get notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).