The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto-coins. Markets have popped up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re interested in crypto you’ve probably heard of OpenSea before for a good reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, 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 Topps Digital Nft
The aim for OpenSea was to offer artists with a marketplace/platform to upload their commissions without any extra fees. It has more functions which allow you to market your art without too many difficulties.
When it comes to the registration process, you don’t have to give any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as an seller. This is to ensure the security of your NFT and those who would like to buy it. All transactions are made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist that you admire. Anyone can be a seller however, it takes some time for anyone to become a reputable one.
There are a variety of NFTs of NFTs available at OpenSea and you can also be a part of this! You can start your own marketplace here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t sure exactly 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 you can buy includes an NFT. The NFT is a non-fungible token that is very unique and can’t be replaced. It could be a piece of rarity like authentic baseball cards, or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object that you sell on the internet. In simpler terms, you could just think of the NFT being a virtual collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you posted to the market place, but you’re offering it for sale. Typically, this is official when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and simply creating a collection to start! Fill out the proper and accurate information about your NFT and select the type of settings you want for it (e.g. blockchain or payments tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how transactions progress from now on to determine if OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering which kind of NFT you shop for here, and what you could also sell if you choose to go down that path. The kind of NFT it isn’t limited since there’s a broad range of how you can approach it.
It is possible to sell digital items, trading cards, game assets, domain names, and also physical goods! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the others. There’s no cost for gas for using this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you don’t need to pay on additional fees.
Not many NFT marketplaces provide this feature, so this can be a fantastic way to make a huge profit from your collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to make more money by this method.
Other NFT marketplaces don’t have this feature, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however 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 on both iOS and Android. Even though you can’t buy or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. Topps Digital Nft
You can swap your fiat currency using a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
All of these have the option of converting them into ETH which is the most common cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than others. Since it is built mainly around an ETH blockchain, any wallets with a connection to the same network are suitable for the site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using a credit card. Topps Digital Nft
For more information about the service, you can check their FAQs for the steps you can begin and what other crypto 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 cons here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- You cannot buy or sell products on our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Topps Digital Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its low cost of gas and low commission fees which you are required to pay.
You can shop and browse the vast array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established in 2018. Because its system is based on a blockchain that is secure, you can declare that transactions are safe and secure.
In addition, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed to your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you can get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be a reasonable amount compared against the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is widely used on this site and other sites to provide more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile app by OpenSea that is available for iOS as well as Android. Download it at their respective app store, and you can start exploring the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and get alerts on any updates that affect 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/).