Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. Markets have popped up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea as well as examining what NFTs you can 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Bacteria Sponge Aquaponics Nft
The purpose for OpenSea was to offer artists with a marketplace/platform to easily upload their commissions without any extra fees. It has more functions that let you sell your artwork without any problems.
For registration, you don’t need to provide any personal information about yourself. All you have to 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 popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It also operates with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains available you can pick which one you would like to transfer your NFT to as a seller. This will ensure the security of your NFT as well as those who wish to purchase it. All transactions are made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to official art from an artist you admire. Anyone can become a seller however, it takes a while for anyone to be an established one.
There are a variety of NFTs in the collection at OpenSea and you could become a part of that! You can start your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t sure exactly what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible token which is extremely exclusive and cannot be substituted. It could be an item of rarity like authentic baseball cards or unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can simply imagine the NFT being a virtual collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling the owner of the item or token that you posted to the marketplace, and putting it up for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and simply create a collection! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain, money transfer tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from now to see if OpenSea is the marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about the kind of NFTs can be purchased here, and what you could also sell if you decide to go that route. The kind of NFT that you can purchase is indefinite because there’s a wide range of ways to do it.
You can be selling digital items, trading cards games, domain names, and some physical items! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This means you’ll get the most profit when you begin selling since you won’t need to spend on extra fees.
Very few NFT marketplaces provide this feature, so this is a great way to earn a high return from your collection.
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t have the same feature and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as 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
Various crypto exchange platforms are to you, and you can convert your fiat money into cryptocurrency on these platforms. Bacteria Sponge Aquaponics Nft
You can swap your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option to exchange for ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built around the ETH blockchain, wallets with a connection to this network are appropriate for this site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only as well as the capability to buy cryptocurrency using a credit card. Bacteria Sponge Aquaponics Nft
For more information about the service You can go through their FAQs to see a rundown of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has 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 and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions Bacteria Sponge Aquaponics Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists using it to sell NFTs because of its zero cost of gas and low commission fees which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was founded in the year 2018. Because its system is built on a blockchain that is secure, you can declare that transactions are safe and secure.
Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed next to your account or any collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties from OpenSea?
As an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is widely utilized on this website and numerous others to cater for more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea available for both iOS as well as Android. Download it at their respective app store and then you can begin browsing through the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).