Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re familiar with cryptocurrency 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 what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Topps Cards
The aim to create OpenSea was to simply provide artists with a marketplace/platform to upload their commissions, without having to pay any additional costs. It has more functions which allow you to market your work without having to deal with many difficulties.
When it comes to the registration process, you don’t have to provide too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It is also based on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains you can pick which one you’d like to transfer your NFT to as 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, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist that you admire. Anyone can become a seller however, it takes some time for anyone to be an established seller.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you could also be a part of that! You can create your own marketplace there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can buy can be an NFT. A NFT is a non-fungible token that is very unique and can’t be substituted. It could be a piece of rarity like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can simply consider an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. You’re claiming the ownership of the particular item that you have uploaded to the market place, but offering it for sale. Typically, this is official once you fill out the correct information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and then create a collection! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain and money transfer tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from now to see if OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about what kind of NFTs you shop for here and what kind of NFTs you can also sell if you decide to go down that path. The type of NFT it can be is unlimited as there’s a variety of how you can approach it.
You could be selling digital products, trading cards, game assets, domain names, and even physical assets! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the other options. There are no gas costs for using this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you sell because you don’t need to pay on any additional charges.
Not many NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are benefits when you refer 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, letting you make more money through this action.
Other NFT marketplaces do not have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Even though you can’t buy or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal You can also trade your fiat currency for cryptocurrency using these platforms. Nft Topps Cards
You can convert your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and more!
Each of them has the option of exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than other. Because it is based around the ETH blockchain, wallets which are part of that network will be suitable for this website.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to buy cryptocurrency using credit cards. Nft Topps Cards
For more information about the service, you can check their FAQs for an overview of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 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 digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Topps Cards
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists using for selling NFTs due to its no gas fees and low commission fees you must pay.
You can browse and purchase the vast array of digital items on the NFT marketplace and you must go through it!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Since its system is built on blockchain technology and is secured, it is safe to declare that transactions are protected and secured.
Additionally as a seller you can become verified once you have built up your credibility. A blue checkmark will appear on your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties from OpenSea?
As an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea that is available for iOS as well as Android. Download it at their respective app store and begin browsing through the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and receive notifications on updates regarding 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/).