Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto coins. Markets have popped up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s see 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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Topps Nft
The goal for OpenSea was to offer an online marketplace for artists to easily upload their commissions, without having to pay any additional charges. It has more functions that let you sell your artwork without any issues.
For registration, you don’t need to give any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It is also based with the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains it is possible to choose which one you’d like to upload your NFT on as seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions will be made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes some time for anyone to be an established seller.
There is a wide variety of NFTs available on OpenSea and you could also be a part of that! You can start your own market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it means. Let’s take a look at what 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 token that is non-fungible which is extremely unique and can’t be substituted. It could be an item of rareness like authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can just imagine an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token that you have uploaded to market, as you’re putting it up for sale. Usually, this becomes official after you fill in 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 visiting the store and then create a collection! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain and payments tokens). After you’ve completed the process, you can finally upload it, if it’s within the 100 MB limit.
You can watch and see how transactions progress from now on to see if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself which kind of NFT be purchased here, and what you could also sell if you decide to pursue that route. The kind of NFT that you can purchase is indefinite as there’s a variety of options for how to approach it.
It is possible to sell digital items, trading cards, game assets domain names, some physical items! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the other options. There are no gas costs when you use this feature when you create and market NFTs. This means you’ll get the most profit when you begin selling since you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, which is why this can be a fantastic way to earn a high return from your collection.
A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets, you can receive benefits by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more money through this action.
Other NFT marketplaces don’t have the same feature and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency through these platforms. Topps Nft
You can swap your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
All of them have the option of converting them into ETH that is the standard cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based around an ETH blockchain, wallets which are part of that network will be suitable for this site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency with credit cards. Topps Nft
To know more about it to learn more, check out their FAQs for an overview of how you can begin 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 available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- Cannot buy or sell through this mobile application.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Topps Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists using for selling NFTs due to its no gas costs and low commission fee rate which you are required to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established in 2018. Since the system it operates on is built on a blockchain that is secure, you can declare that transactions are protected and secured.
Furthermore as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties from OpenSea?
As an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is considered to be reasonably low compared with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is frequently used on this site as well as numerous others to cater for many more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier there’s an official mobile application from OpenSea for both iOS and Android. Install it from their app store, and begin browsing through the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and 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/).