Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto-coins. Markets have popped up across the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re interested in crypto, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s explore the possibilities of 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. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Topps Nft Release
The goal of OpenSea was to simply provide artists with a marketplace/platform to upload their commissions without any extra fees. It also has additional functions which allow you to market your art without too many problems.
In terms of registration, you won’t have to provide all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It is also based with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains it is possible to choose which one you would like to upload your NFT on as seller. This ensures the safety of your NFT, along with those who wish to buy it. All transactions are made using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist you admire. Anyone can become a seller however it takes a while for anyone to be an established seller.
There is a wide variety in the collection on OpenSea, and you can also be a part of that! You can create your own marketplace here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry, the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency that is very exclusive and cannot be replaced. This can be an item of rarity like authentic baseball cards or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object that you can sell online. In simpler terms, you could simply consider an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to market, as selling it. Usually, this is recognized after you fill in the correct information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you want to use it with (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 the way transactions are handled from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself the kind of NFTs can be purchased here and what you can also sell if you choose to pursue that route. The kind of NFT that you can purchase isn’t limited as there’s a variety of how you can do it.
You can be selling 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
The Collection Manager feature is what sets OpenSea from the other options. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t need to spend on additional fees.
Not many NFT marketplaces provide this feature, and it can be a fantastic way to earn a high return from your NFT 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 a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, which means you can make more money by this method.
Other NFT marketplaces don’t have the same feature This is a further advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. While you’re not able to buy or sell things, 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 trade your fiat currency for cryptocurrency using these platforms. Topps Nft Release
You can swap your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and other things!
All of these have the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built mainly on an ETH blockchain, any wallets that share that network will be suitable for this website.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency using credit cards. Topps Nft Release
To learn more about it You can go through their FAQs for an overview of how you can get started and also what other crypto wallets work with 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. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Topps Nft Release
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online, and to accept cryptocurrency as a form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can shop and browse the vast array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea real and secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was established in 2018. Since the system it operates on is based on a blockchain, it is safe to say that your transactions are protected and secured.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear next to your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison with other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as other sites to provide many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As mentioned before There is an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store, and you can start browsing through the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive notifications about updates to 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/).