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 digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and discover the possibilities of 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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Mlb Nft Topps
The goal for OpenSea was to provide an online marketplace for artists to easily upload their commissions without any extra charges. It has more functions which allow you to market your artwork without any problems.
In terms of registration, you don’t need to provide any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is 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 to carry out the majority of processes. It also operates on the Polygon blockchain to ensure low-cost and quicker 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 will ensure the security of your NFT and the people who want to purchase it. Every transaction will be conducted using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name to an official artwork by an artist you admire. Anyone can sell however it takes a while before anyone can become a reputable one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you could become a part of the collection! You can set up your own market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that many millennials are familiar with it , but not exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token that is very exclusive and cannot be substituted. This can be a piece of rareness, such as mint-condition baseball trading cards, or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible object that you can sell online. It is simpler to just consider an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you posted to the marketplace, and you’re putting it up for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and then submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and then creating a collection to start! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain, payment 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 transactions progress from now to see if OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about which kind of NFT you shop for here, and what you could sell should you decide to go that route. The type of NFT it isn’t limited because there’s a wide range of options for how to go about it.
It is possible to sell trade cards, digital goods game assets domain names, even physical assets! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the other options. There’s no cost for gas when you use this feature when you create and market NFTs. This simply means that you’ll get the most profit when you sell because you won’t have to spend 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 NFT collection.
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to make more money by this method.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on both iOS in addition to Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency on these platforms. Mlb Nft Topps
You can exchange 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!
All of these have the option to exchange for ETH which is the standard cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built around an ETH blockchain, all wallets which are part of that network will be suitable for this site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and 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 the credit card. Mlb Nft Topps
To learn more about it to learn more, check out their FAQs to see an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- You cannot buy or sell products via the mobile app.
- Only supports cryptocurrency as its method of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions Mlb Nft Topps
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work 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 no gas costs and the low commission rate you must pay.
You can shop and browse the vast array of digital products on this NFT marketplace and you must take a look!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year 2018. Because its system is built on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
Furthermore, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned next to your account or any collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you can get only 10 percent of the royalties after you have uploaded the NFT. This is believed to be quite low in comparison against other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is frequently used on this site as well as many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies 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 options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile application from 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!
The desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).