The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto coins. Markets have popped up all over the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one and is worth a look.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
So, hop on board and discover the possibilities of OpenSea as well as examining what NFTs you can 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Trading Cards
The aim to create OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional charges. There are additional features that allow you to sell your artwork without any problems.
When it comes to registration, you won’t have to give all of your personal details. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also operates on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains that are available, you can choose which one you want to publish your NFT as an seller. This ensures the safety of your NFT as well as those who wish to buy it. All transactions are made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist that you admire. Anyone can become a seller, but it takes some time for anyone to be an established one.
There’s a huge selection in the collection at OpenSea, and you can also be a part of the collection! You can start your own personal market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t sure exactly what it is. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy includes an NFT. A NFT is a non-fungible currency that is very individual and cannot be replaced. It can be a piece of rarity like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible object you’re selling online. More straightforwardly, you can simply consider an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You are calling the ownership of the particular item you uploaded on the marketplace, and you’re offering it for sale. Usually, this is recognized when you have filled in the correct information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and creating a collection to start! Fill out the proper and correct information regarding your NFT and then select what type of settings you want to use it with (e.g. blockchain or money transfer tokens). After that then you’re able to upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering which kind of NFT can be purchased here and what you can sell should you decide to go that route. The kind of NFT that you can purchase is indefinite since there’s a broad range of how you can do it.
It is possible to sell digital items, trading cards games domain names, some physical items! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the other options. There are no gas costs when you use this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you don’t need to pay on any additional charges.
Very few NFT marketplaces provide this feature, which is why this is great for you to earn a high return from your portfolio.
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits when you refer your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you earn more money by this method.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS and Android. Even though you can’t buy or sell something, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Trading Cards
You can exchange your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
Each of them has the option to exchange for ETH, which is the primary cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than others. Since it is built mainly around the ETH blockchain, wallets that share this network are appropriate for this website.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage as well as the capability to buy cryptocurrency using the credit card. Nft Trading Cards
For more information about the service, you can check their FAQs for an overview of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Trading Cards
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to market their work online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists who use the platform to market NFTs due to its low gas costs and the low commission rate you must pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year of 2018. Since its system is based on a blockchain, it is safe to declare that transactions are secure and safe.
Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark is placed on your account or any collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared to other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be widely used on this site as well as numerous others to cater for more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile app by OpenSea for both iOS or Android. Download it at their respective app store, and begin exploring the collection right now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and get 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/).