The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto currency. Markets have popped up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s explore the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Magic: The Gathering Nft
The aim to create OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional charges. It has more functions that let you sell your art without too many issues.
For the registration process, you don’t have to give any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use in 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 to carry out the majority of processes. It is also based on the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you want to transfer your NFT to as seller. This will ensure the security of your NFT and those who wish to buy it. All transactions are made along with this blockchain, so you should 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 in exchange for other NFTs. You can buy anything just a domain name to an official artwork from an artist you admire. Anyone can sell however, it takes a while for anyone to be an established one.
There are a variety of NFTs in the collection at OpenSea and you can also be a part of this! You can create your own personal market here, along with finding NFTs you want to purchase for 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 the internet that many millennials are familiar with it , but not exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible token that is very unique and can’t be substituted. It can be an item of rareness, such as authentic baseball cards, or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item you’re selling online. In simpler terms, you could simply consider the NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the ownership of the particular item you uploaded on the marketplace, and offering it for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and simply creating a collection to start! Input the appropriate and complete information about your NFT and choose what kind of settings you want for it (e.g. blockchain and payments tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
You can wait and observe the way transactions are handled from here on out to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about which kind of NFT be found here and what kind of NFTs you can also sell if you choose to pursue that route. The type of NFT that you can purchase is unlimited since there’s a broad range of how you can do it.
You could be selling digital products, trading cards games, domain names, and even physical assets! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There are no gas costs 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 won’t need to spend on extra fees.
Very few NFT marketplaces offer this feature, and it is a great way to make a huge profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the sales amount, which means you can earn more cash by this method.
Other NFT marketplaces do not have this feature, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency using these platforms. Magic: The Gathering Nft
You can swap your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
Each of them has the option to exchange for ETH that is the primary crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Because it is based using an ETH blockchain, wallets with a connection to this network are appropriate for this site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. Magic: The Gathering Nft
To learn more about it to learn more, check out their FAQs for a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Magic: The Gathering Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs because of its zero cost of gas and low commission fee rate you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded at the end of the year 2018. Since its system is built on blockchain technology and is secured, it is safe to claim that your transactions are safe and secure.
In addition as a seller you can become verified once you build up your reputation. A blue checkmark is placed next to your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties on OpenSea?
However, 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 other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is widely used on this site and many others to accommodate more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store and you can start exploring the collection now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and get alerts on any updates that affect 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/).