The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto coins. Marketplaces are popping up all over the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Pokemon Card
The aim for OpenSea was to provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional costs. It also has additional functions that allow you to sell your art without too many issues.
For the registration process, you don’t have to worry about giving too many details about yourself. All you have 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 popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used to carry out the majority of processes. It also functions using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains that are available, you can choose which one you want to transfer your NFT to as a seller. This is to ensure the security of your NFT as well as those who wish to buy it. All transactions will be made along with this blockchain, and you must think about where you should 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. You can buy anything as simple as a domain name to an official artwork from an artist you admire. Anyone can sell however it takes time for anyone to become an established seller.
There are a variety of NFTs in the collection of NFTs available at OpenSea, and you can also be a part of that! You can create your own personal market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the newest things you can buy is an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. It can be a piece of rarity like authentic baseball cards, or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you sell online. In simpler terms, you could simply imagine as an NFT being a virtual item which is only paid in cryptocurrency.
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 marketplace, and putting it up for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then creating a collection to start! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain or payment tokens). After that then you’re able to upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself which kind of NFT can be found here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT it can be is indefinite since there’s a broad range of how you can approach it.
You can be selling trade cards, digital goods, game assets, domain names, and some physical items! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you sell because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, which is why this is great for you to make a huge profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to make more money by this method.
Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. While you’re not able to buy or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Pokemon Card
You can swap the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of these have the option of converting them into ETH that is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based using an ETH blockchain, any wallets with a connection to this network are appropriate for this website.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only and the ability to buy cryptocurrency using a credit card. Nft Pokemon Card
To learn more about it, you can check their FAQs to get the steps you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them 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 or 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 market and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Pokemon Card
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea is a reputable marketplace since it was established in 2018. Because its system is built on blockchain technology that is secure, you can say that your transactions are safe and secure.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear to your account or the collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared against other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned there’s an official mobile app by OpenSea available for both iOS as well as Android. You can download it through their app store and then you can begin browsing through the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and receive alerts on any updates that affect 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/).