Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto currency. Markets have popped up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s now 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 and also see the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Topps Nft Pack
The aim of OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional costs. It also has additional functions that allow you to sell your art without too many problems.
In terms of the registration process, you don’t have to give too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also functions using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains, you can choose which one you’d like to publish your NFT as seller. This will ensure the security of your NFT as well as those who wish to purchase it. All transactions will be made along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can be a seller however it takes some time before anyone can become an established one.
There is a wide variety in the collection at OpenSea and you can join in with this! You can create 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 cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials have heard of it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible currency which is extremely unique and can’t be changed. This can be a piece of rarity like rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you sell on the internet. It is simpler to just think of an NFT as a digital item paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You’re claiming the owner of the item or token that you posted to the market place, but you’re putting it up for sale. Usually, this becomes official once you fill out the proper information regarding 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 then create a collection! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like for it (e.g. blockchain and payments tokens). After you’ve completed the process, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now on to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself the kind of NFTs be purchased here and what you can also sell if you decide to go that route. The type of NFT it is indefinite since there’s a broad range of ways to do it.
You could be selling trade cards, digital goods game assets, domain names, and even physical assets! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The 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 to create and market NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, and it is great for you to make a huge profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you make more money from this act.
Other NFT marketplaces don’t offer the same feature This is a further benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available on both iOS and Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also trade your fiat currency for cryptocurrency using these platforms. Topps Nft Pack
You can exchange your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
All of these have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built using an ETH blockchain, any wallets that share this network are appropriate for this site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency with credit cards. Topps Nft Pack
To learn more about it to learn more, check out their FAQs for the steps you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- You cannot buy or sell products on the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Topps Nft Pack
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists using the platform to market NFTs due to its no gas fees and the low commission rate you must pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are protected and secured.
Additionally as a seller you can become verified once you build up your reputation. A blue checkmark is placed on your account or any collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is widely used on this site and many others to accommodate many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
Which are the accepted payment methods 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 just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile app from OpenSea for both iOS and Android. Install it from their app store and begin exploring the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and receive 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/).