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 web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this 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 watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Top Shot Nft
The aim of OpenSea was to offer an online marketplace for artists to easily upload their commissions, without having to pay any additional costs. There are additional features which allow you to market your art without too many issues.
For registration, you won’t have to give all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used to carry out the majority of processes. It also operates on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains it is possible to choose which one you would like to transfer your NFT to as an seller. This ensures the safety of your NFT and the people who want to purchase it. All transactions are made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes a while before anyone can become an established one.
There is a wide variety from the selection at OpenSea, and you can join in with the collection! You can start your own personal market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto market, the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can buy includes an NFT. The NFT is a non-fungible currency that is unique and can’t be replaced. It can be an item of rareness, such as authentic baseball cards or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible item you’re selling online. In simpler terms, you could just imagine an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming the owner of the item or token that you posted to the market place, but putting it up for sale. Usually, this becomes official when you have filled in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and then create a collection! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like for it (e.g., blockchain and money transfer tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled from here on out to see if OpenSea is the best marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself what kind of NFTs be found here and what you can also sell if you decide to pursue that route. The type of NFT that you can purchase is unlimited as there’s a variety of options for how to do it.
It is possible to sell digital items, trading cards, game assets, domain names, and even physical assets! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the others. There’s no cost for gas when you use this feature when you make and then sell the NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on extra fees.
Very few NFT marketplaces provide this feature, which is why this can be a fantastic way to make a huge profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more cash through this action.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell items as you browse through the listings.
The mobile apps of OpenSea are available for both iOS and Android. While you’re not able to buy or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency using these platforms. Top Shot Nft
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of these have the option of converting them into ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built on an ETH blockchain, all wallets that share that network will be suitable for the site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage and the ability to buy cryptocurrency using the credit card. Top Shot Nft
To learn more about it to learn more, check out their FAQs for the steps you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps for iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- It is not possible to buy or sell items through the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Top Shot Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s a great platform for artists who use for selling NFTs because of its zero gas costs and the low commission rate that you have to pay.
You can browse and purchase an array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year of 2018. Since the system it operates on is built on a blockchain, it is safe to say that your transactions are secure and safe.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear next to your account or any collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been widely used on this site as well as other sites to provide more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier there’s an official mobile app by OpenSea available for both iOS and Android. You can download it through their app store and then you can begin browsing through the collection right now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app 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/).