The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto currency. Markets have popped up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking 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 review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Panini Prizm Nft
The goal of OpenSea was to offer a platform/marketplace for artists to upload their commissions, without having to pay any additional costs. There are additional features that let you sell your work without having to deal with many problems.
For registration, you won’t have to provide too many details about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It is also based using the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT, along with those who wish to buy it. Every transaction will be conducted by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist that you admire. Anyone can become a seller, but it takes time before anyone can become an established one.
There’s a huge selection in the collection on OpenSea and you could also be a part of the collection! You can set up your own personal market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market”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 not exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible currency that is individual and cannot be replaced. This can be a piece of rareness like rare baseball trading cards in mint condition or unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible item that you can sell online. It is simpler to simply think of an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling the ownership of the particular item that you posted to the marketplace, and you’re selling it. Typically, this is official once you fill out the proper information regarding the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and then create a collection! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain and money transfer tokens). After that you are able to upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from now to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself the kind of NFTs be purchased here and what kind of NFTs you can also sell if you decide to go down that path. The kind of NFT that you can purchase is unlimited because there’s a wide range of options for how to approach it.
You could be selling digital items, trading cards game assets domain names, some physical items! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the other options. There are no gas costs when you use this feature to mint and sell NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, so this can be a fantastic way to receive high profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are rewards by referring a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more cash by this method.
Other NFT marketplaces do not have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you to exchange your fiat money for cryptocurrency using these platforms. Panini Prizm Nft
You can convert your fiat currency using a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option of exchange for ETH, which is the most common crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly on the ETH blockchain, any wallets that share the same network are suitable for the site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency using a credit card. Panini Prizm Nft
To know more about it to learn more, check out their FAQs to get a rundown of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- 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.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Panini Prizm Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use it to sell NFTs because of its zero cost of gas and low commission fees which you are required to pay.
You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded at the end of the year 2018. Since its system is built on a blockchain that is secure, you can say that your transactions are secure and safe.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned on your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison to the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and many others to accommodate more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before, there is definitely an official mobile application from OpenSea that is available for iOS or Android. Download it at their respective app store, and you can start exploring the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts as well as 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/).