The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto currency. Markets have popped up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s explore what you can do with OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to watch 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
The purpose for OpenSea was to offer artists with a marketplace/platform to easily upload their commissions, without having to pay any additional fees. There are additional features which allow you to market your artwork without any difficulties.
In terms of registration, you don’t need to give all of your personal details. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency that is used within 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 also operates with the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains you can pick which one you’d like to upload your NFT on 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, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to official art from an artist you admire. Anyone can be a seller however it takes time for anyone to become an established one.
There is a wide variety in the collection at OpenSea, and you can also be a part of that! You can create your own market there, and also find 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 the majority of young people 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 the field of cryptocurrency.
One of the newest things you can buy includes an NFT. The NFT is a non-fungible token that is very exclusive and cannot be substituted. It can be an item of any rarity like rare baseball trading cards in mint condition or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible object that you can sell on the internet. It is simpler to simply imagine as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling the ownership of the particular item you uploaded on the market place, but selling it. Usually, this becomes official after you fill in the correct information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and making a collection to begin! Fill out the proper and correct information regarding your NFT and then select what type of settings you want to use it with (e.g., blockchain and payments tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from now to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about what kind of NFTs you shop for here and what you can also sell if you choose to pursue that route. The type of NFT that you can purchase is indefinite since there’s a broad range of options for how to approach it.
You can be selling digital products, trading cards games domain names, also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from the other options. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you sell because you don’t need to pay on extra fees.
Not many NFT marketplaces offer this feature, so this is great for you to earn a high return from your collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer advantages by referring a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the purchase amount, letting you earn more cash through this action.
Other NFT marketplaces don’t offer the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency through these platforms. Nba Nft
You can swap your fiat money via the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
All of them have the option of converting them into ETH, which is the most common cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than others. Since it is built mainly on an ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only as well as the capability to buy cryptocurrency using a credit card. Nba Nft
To know more about it to learn more, check out their FAQs to get the steps you can begin and what other crypto 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. You can read about its pros and cons here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalties).
- It is not possible to buy or sell items on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nba Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online and receive cryptocurrency as a form of payment. It’s a great option for artists who want to use for selling NFTs due to its low cost of gas and low commission fee rate that you have to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace and you must take a look!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded in 2018. Since the system it operates on is built on a blockchain, it is safe to claim that your transactions are secure and safe.
Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or the collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared with other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be widely used on this site as well as numerous others to cater for more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store and then you can begin browsing through the collection right now!
A version for desktops that 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 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/).