Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto-coins. There are numerous marketplaces popping up across the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s see the possibilities of OpenSea as well as examining 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. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Card Packs
The goal to create OpenSea was to simply provide a platform/marketplace for artists to upload their commissions with no additional fees. There are additional features that allow you to sell your art without too many problems.
In terms of registration, you don’t need to worry about giving all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also operates on the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains you can pick which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT as well as those who wish to buy it. All transactions are made using this blockchain, which is why you need to consider 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 in exchange for other NFTs. You can buy anything just a domain name to an official artwork from an artist that you admire. Anyone can sell, but it takes time before anyone can become an established one.
There’s a huge selection from the selection on OpenSea, and you can join in with the collection! You can set up your own market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto market, the term “NFT” has been going around so long on the internet that many millennials are familiar with it , but aren’t exactly sure what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can buy includes an NFT. A NFT is a non-fungible token that is individual and cannot be substituted. It can be an item of rarity like authentic baseball cards or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object that you sell on the internet. More straightforwardly, you can simply think of as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You’re claiming the owner of the item or token you uploaded on market, as putting it up for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and making a collection to begin! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain, payments tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how the transactions go from here on out to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about the kind of NFTs be purchased here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it is unlimited as there’s a variety of how you can go about it.
It is possible to sell digital products, trading cards games domain names, also physical goods! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the others. There are no gas costs for using 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 additional fees.
There aren’t many NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to trade your fiat currency for cryptocurrency through these platforms. Nft Card Packs
You can convert the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
Each of them has the option of converting them into ETH, which is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than others. Because it is based on an ETH blockchain, all wallets with a connection to this network are appropriate for the site.
Here’s a list various crypto wallets that you can utilize in 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, use on mobile devices only, and the function to purchase cryptocurrency with the credit card. Nft Card Packs
For more information about the service, you can check their FAQs to get the steps you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- It is not possible to buy or sell items via the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Card Packs
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online to receive cryptocurrency as a method of payment. It’s a great platform for artists who use the platform to market NFTs because of its zero cost of gas and the low commission rate you must pay.
You can shop and browse a vast collection of digital products on this NFT marketplace, so you should take a look!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception at the end of the year of 2018. Because its system is based on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
In addition as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear on your account or collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you can be paid only 10% of the royalties once you upload the NFT. This is believed to be quite low in comparison to other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as many others to accommodate many more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned There is an official mobile application from OpenSea available for both iOS as well as Android. Install it from their app store and you can start browsing through the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and 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/).