The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto coins. Marketplaces are popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s see what you can do with OpenSea and also see the NFTs available to view!
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 of OpenSea.
OpenSea as an NFT Marketplace Nba Top Shot Nft
The purpose for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra fees. It has more functions that let you sell your work without having to deal with many issues.
When it comes to the registration process, you don’t have to worry about giving too many details about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that without going through many hurdles as you walk 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 technology, and this is used for most processes. It also operates with the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains you can pick which one you’d like to publish your NFT as an seller. This ensures the safety of your NFT, along with 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 an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist that you admire. Anyone can sell, but it takes some time before anyone can become an established seller.
There is a wide variety of NFTs available of NFTs available at OpenSea, and you can also be a part of the collection! You can set up your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto industry, the term “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things you can buy is an NFT. An NFT is a non-fungible currency that is very exclusive and cannot be changed. It could be a piece of rareness like authentic baseball cards or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you can sell online. In simpler terms, you could simply consider as an NFT as a digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You are calling the ownership of the particular item that you have uploaded to the market place, but you’re selling it. Typically, this is official once you fill out the proper information regarding the NFT and finally submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and creating a collection to start! Complete the correct and complete information about your NFT and select the type of settings you’d like to use it with (e.g. blockchain, payments tokens). After that you are able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe the way transactions are handled from now to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about which kind of NFT can be found here, and what you could sell should you decide to go down that path. The kind of NFT that you can purchase is unlimited since there’s a broad range of ways to do it.
You can be selling trade cards, digital goods game assets domain names, even physical assets! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the other options. There’s no cost for gas when you use 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 extra fees.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your NFT collection.
A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces there are rewards by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase 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 and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also exchange your fiat money for cryptocurrency using these platforms. Nba Top Shot Nft
You can swap the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option of converting them into ETH that is the most common crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds 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 several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. Nba Top Shot Nft
For more information about the service You can go through their FAQs to see an overview of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Available as mobile apps for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nba Top Shot Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists using for selling NFTs due to its no gas fees and low commission fee rate you must pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was founded in the year of 2018. Since the system it operates on is based on a blockchain, it is safe to say that your transactions are protected and secured.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark is placed next to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison against other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been commonly utilized on this website 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 use to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile application from OpenSea that is available for iOS and Android. Install it from their app store, and begin exploring the collection now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and get notifications about updates to your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).