The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto currency. Markets have popped up across the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Amhydro Nft 1200 Farmers Market Bundle
The aim to create OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional charges. There are additional features that let you sell your art without too many issues.
When it comes to registration, you don’t need to worry about giving any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains that are available it is possible to choose which one you want to upload your NFT on as seller. This ensures the safety of your NFT and those who would like to buy it. All transactions will be made by using the blockchain, and you must think about 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 as simple as a domain name, to a piece of art by an artist you admire. Anyone can be a seller however, it takes time before anyone can become a reputable one.
There are a variety of NFTs from the selection at OpenSea and you could also be a part of this! You can set up your own personal market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around for so long on internet that the majority of young people are familiar with it but aren’t exactly sure what it is. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible token which is extremely individual and cannot be changed. This can be a piece of rareness like mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you can sell on the internet. In simpler terms, you could just imagine as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling ownership over that particular token/item that you posted to market, as offering it for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and simply making a collection to begin! Fill out the proper and complete information about your NFT and then select what type of settings you want to use it with (e.g., blockchain and payments tokens). Once that’s all done, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see how the transactions go from now on to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering what kind of NFTs can you shop for here, and what you could also sell if you decide to go down that path. The type 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 trade cards, digital goods, game assets domain names, also physical goods! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from other companies. There’s no cost for gas when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, which is why this can be a fantastic way to make a huge profit from your collection.
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to make more money from this act.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. While you’re not able to buy or sell anything, you can still look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency using these platforms. Amhydro Nft 1200 Farmers Market Bundle
You can convert the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and more!
Each of them has the option to exchange for ETH, which is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly using an ETH blockchain, all wallets with a connection to this network are appropriate for the site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage, and the function to buy cryptocurrency using credit cards. Amhydro Nft 1200 Farmers Market Bundle
For more information about the service to learn more, check out their FAQs to get a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other 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 or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Amhydro Nft 1200 Farmers Market Bundle
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists using it to sell NFTs due to its no gas fees and low commission fees you must pay.
You can browse and shop for an array of digital items on the NFT marketplace and you must check it out!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of the year of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark will be assigned on your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you will get only 10 percent of the royalties when you upload the NFT. This is thought to be quite low in comparison to the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is widely used on this site and other sites to provide the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile app by OpenSea for both iOS as well as Android. Download it at their respective app store and begin exploring the collection now!
A desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications about updates to 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/).