The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s see the possibilities of OpenSea and also see 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 review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Sports Nft
The aim to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra costs. There are additional features that allow you to sell your art without too many issues.
In terms of registration, you don’t need to worry about giving any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
OpenSea: Blockchain
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It also operates using the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains you can pick which one you would like to transfer your NFT to as a seller. This will ensure the security of your NFT as well as the people who want to purchase it. All transactions will be made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can be a seller however, it takes some time for anyone to be an established one.
There are a variety of NFTs from the selection on OpenSea and you could join in with this! You can set up your own marketplace here, along with finding NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that the majority of young people have heard of it but not exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can buy is an NFT. The NFT is a non-fungible token that is very unique and can’t be replaced. It could be a piece of rareness, such as rare baseball trading cards in mint condition or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible item you’re selling on the internet. In simpler terms, you could simply imagine an NFT as a digital collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item you uploaded on market, as putting it up for sale. Usually, this becomes official when you have filled in the correct information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and making a collection to begin! 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 and payment tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
You can watch and see how transactions progress from here on out to see if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
In this moment, you’re probably wondering which kind of NFT can be found here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT it can be is unlimited as there’s a variety of ways to approach it.
It is possible to sell trade cards, digital goods game assets, domain names, and also physical goods! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the other options. There’s no cost for gas when you utilize this feature to create and market NFTs. This means you’ll receive the maximum profits when you begin selling since you don’t need to pay on additional fees.
Very few NFT marketplaces have this feature, which is why this can be a fantastic way to make a huge profit from your collection.
Referral Program
A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can make more money through this action.
Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. Sports Nft
You can convert your fiat currency using a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
All of them have the option of converting them into ETH which is the standard cryptocurrency payment option in OpenSea.
Crypto Wallets
While OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than others. Since it is built on the ETH blockchain, all wallets that share the same network are suitable for the site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. Sports Nft
For more information about the service You can go through their FAQs to see an overview of how you can start and what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
Pros
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
Cons
- Allows royalties 10% for artists (low royalty).
- Cannot buy or sell through the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto wallet is required to use this marketplace.
Pricing
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Sports Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use for selling NFTs due to its no cost of gas and low commission fee rate that you have to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established at the end of the year 2018. Since its system is based on a blockchain, it is safe to say that your transactions are secure and safe.
Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned on your account or collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared against others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is widely used on this site as well as many others to accommodate the increasing number of cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before, there is definitely an official mobile app by OpenSea for both iOS or Android. You can download it through their app store, and begin browsing through the collection right now!
The version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts as well as 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/).
