The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto currency. Marketplaces are popping up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid 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 explore what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nba Nft Packs
The goal of OpenSea was to provide an online marketplace for artists to upload their commissions without any extra fees. It has more functions that allow you to sell your art without too many difficulties.
In terms of the registration process, you don’t have to give too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for most processes. It is also based with the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains that are available it is possible to choose which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT, along with the people who want to purchase it. All transactions are made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name, to a piece of art from an artist you admire. Anyone can become a seller, but it takes time for anyone to be an established one.
There’s a huge selection of NFTs available on OpenSea and you could also be a part of that! You can set up your own market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can buy includes an NFT. The NFT is a token that is non-fungible that is very unique and can’t be changed. It could be an item of any rareness, such as rare baseball trading cards in mint condition, or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you can sell on the internet. It is simpler to just consider as an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You are calling the ownership of the particular item that you posted to market, as selling it. Typically, this is official when you have filled in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and simply creating a collection to start! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain or payments tokens). After that then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from now to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself the kind of NFTs can be found here and what you can also sell if you decide to go that route. The kind of NFT it isn’t limited as there’s a variety of ways to go about it.
It is possible to sell digital items, trading cards, game assets domain names, some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the others. There are no gas costs when you use this feature to make and then sell the NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on additional fees.
Very few NFT marketplaces have this feature, and it is great for you to make a huge profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are rewards by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t have this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency on these platforms. Nba Nft Packs
You can convert your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option of converting them into ETH, which is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built around an ETH blockchain, all wallets which are part of that network will be suitable for this website.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using a credit card. Nba Nft Packs
For more information about the service You can go through their FAQs for the steps you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nba Nft Packs
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 a great platform for artists who use the platform to market NFTs due to its no gas costs and the low commission rate which you are required to pay.
You can shop and browse the vast 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 has been a trusted marketplace since it was founded in the year 2018. Since its system is built on a blockchain that is secure, you can say that your transactions are safe and secure.
Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark is placed next to your account or collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared against other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be widely utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before there’s an official mobile app by OpenSea for both iOS and Android. Install it from their app store and you can start exploring the collection now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications about updates to 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/).