The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto currency. Markets have popped up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
So, hop on board and let’s explore the possibilities of OpenSea and also see the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Nba
The goal to create OpenSea was to simply provide an online marketplace for artists to easily upload their commissions with no additional fees. It has more functions that allow you to sell your art without too many problems.
For registration, you won’t have to worry about giving all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also operates with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains available, you can choose which one you would like to publish your NFT as seller. This will ensure the security of your NFT as well as the people who want to purchase it. All transactions are made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist you admire. Anyone can become a seller, but it takes a while for anyone to be an established seller.
There is a wide variety in the collection on OpenSea, and you can also be a part of the collection! You can create your own personal market there, and also find NFTs that you would like to purchase for yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development 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 a lot of millennials have heard of it but not exactly sure what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can buy is an NFT. A NFT is a token that is non-fungible that is unique and can’t be replaced. It could be an item of any rareness, such as authentic baseball cards or 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. In simpler terms, you could simply think of an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting NFTs
Minting is like calling dibs on your own NFTs. You are calling ownership over that particular token/item that you posted to the market place, but you’re selling it. Usually, this is recognized once you fill out the correct information about the NFT and add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and create a collection! Fill out the proper and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain or payments tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from now to determine whether OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you get here?
At this point you’re probably thinking about the kind of NFTs can be purchased here, and what you could sell should you decide to go down that path. The type of NFT that you can purchase isn’t limited as there’s a variety of how you can do it.
You could be selling digital items, trading cards games domain names, also physical goods! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs when you use this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your collection.
Referral Program
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which means you can earn more money by this method.
Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available on both iOS and Android. Although you aren’t able to purchase or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency using these platforms. Nft Nba
You can convert your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and other things!
All of them have the option of exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based using an ETH blockchain, any wallets that share that network will be suitable for the site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only and the ability to buy cryptocurrency using the credit card. Nft Nba
To know more about it to learn more, check out their FAQs to see a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
Pros
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
Cons
- Allows royalties 10% for artists (low royalty).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to access this marketplace.
Pricing
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Nba
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online and receive cryptocurrency as a method of payment. It’s a great option for artists who want to use the platform to market NFTs because of its zero gas fees and low commission fees you must pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
Additionally as a seller you can become verified once you build up your reputation. A blue checkmark will appear to your account or collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is commonly used on this site as well as numerous others to cater for many more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can utilize to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier There is an official mobile application from OpenSea that is available for iOS and Android. Download it at their respective app store and begin exploring the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts as well as receive alerts on any updates that affect 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/).
