The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Payment With Capital One
The aim for OpenSea was to offer an online marketplace for artists to upload commissions without any extra fees. There are additional features which allow you to market your art without too many issues.
In terms of the registration process, you don’t have to worry about giving too many details about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for most processes. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains available, you can choose which one you want to upload your NFT on as an seller. This will ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can sell however it takes a while before anyone can become an established one.
There’s a huge selection in the collection of NFTs available at OpenSea, and you can become a part of this! You can create your own market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy can be an NFT. The NFT is a token that is non-fungible that is individual and cannot be substituted. This can be an item of rareness like mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object you’re selling on the internet. In simpler terms, you could just imagine as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming the owner of the item or token you uploaded on the market place, but offering it for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and then creating a collection to start! Fill out the proper and accurate information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain or payment tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.
You can watch and see how the transactions go from now to see whether OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself what kind of NFTs be purchased here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT it is indefinite since there’s a broad range of how you can go about it.
You can be selling trade cards, digital goods, game assets, domain names, and even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the other options. There are no gas costs when you use this feature to create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces have this feature, which is why this can be a fantastic way to receive high profit from your NFT collection.
A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are rewards when you refer your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps of OpenSea are available for both iOS and Android. While you’re not able to buy or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal to convert your fiat money into cryptocurrency through these platforms. Nft Payment With Capital One
You can convert the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
All of them have the option of exchange for ETH that is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets still more compatible with it than other. Since it is built on an ETH blockchain, any wallets which are part of this network are appropriate for the site.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency with the credit card. Nft Payment With Capital One
For more information about the service, you can check their FAQs to see the steps you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets 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 are available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Payment With Capital One
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists who use for selling NFTs because of its zero gas fees and the low commission rate you must pay.
You can shop and browse the vast array of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year of 2018. Because its system is built on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
Furthermore, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned on your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties when you upload the NFT. This is believed to be reasonably low compared against other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is frequently utilized on this website and other sites to provide the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier there’s an official mobile application from OpenSea available for both iOS as well as Android. Download it at their respective app store and then you can begin exploring the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).