The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea, along with checking the NFTs that you can see!
Before you continue, 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.
OpenSea as an NFT Marketplace Nba Nft Marketplace
The aim of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions without any extra charges. It has more functions which allow you to market your work without having to deal with many difficulties.
For registration, you don’t need to give any personal information about yourself. All you need to do is connect your cryptocurrency 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 widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It also functions with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as seller. This is to ensure the security of your NFT as well as those who would like to purchase it. All transactions are made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name, to a piece of art by an artist you admire. Anyone can sell, but it takes a while before anyone can become an established seller.
There is a wide variety from the selection on OpenSea and you could also be a part of the collection! You can start your own market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. A NFT is a token that is non-fungible that is very unique and can’t be replaced. It can be an item of rareness like authentic baseball cards or unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you can sell on the internet. It is simpler to simply think of as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the market place, but you’re selling it. Usually, this is recognized when you have filled in the correct information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and then create a collection! Fill out the proper and accurate information about your NFT and select the type of settings you’d like to use it with (e.g., blockchain, money transfer tokens). After that, you can finally 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 see if OpenSea is the marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about the kind of NFTs be purchased here, and what you could also sell if you choose to go down that path. The type of NFT it can be isn’t limited since there’s a broad range of options for how to approach it.
It is possible to sell digital items, trading cards game assets, domain names, and also physical goods! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from other companies. There are zero gas fees for using this feature to mint and sell NFTs. This means you’ll receive the maximum profits when you start selling because you won’t have to spend on any additional charges.
Not many NFT marketplaces provide this feature, so this can be a fantastic way to receive high profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, letting you make more money by this method.
Other NFT marketplaces don’t have the same feature and that’s another benefit OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal to convert your fiat money into cryptocurrency on these platforms. Nba Nft Marketplace
You can swap your fiat currency using a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option to exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built on an ETH blockchain, wallets that share the same network are suitable for this site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using the credit card. Nba Nft Marketplace
To know more about it You can go through their FAQs to get the steps you can get started and also what other crypto wallets work 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 cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalties).
- It is not possible to buy or sell items on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has 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 quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nba Nft Marketplace
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using it to sell NFTs due to its no gas fees and low commission fees which you are required to pay.
You can browse and shop for an array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are protected and secured.
Additionally as a seller you’ll be verified when you have built up your credibility. A blue checkmark is placed next to your account or the collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties from OpenSea?
As an artist, you will be paid only 10 percent of the royalties after 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 and many others to accommodate many more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before there’s an official mobile app by OpenSea that is available for iOS and Android. Download it at their respective app store and then you can begin exploring the collection now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).