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Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth checking out.

If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.

Now hop aboard, and let’s see the possibilities of OpenSea and also see the NFTs that you can see!

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Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.

OpenSea as an NFT Marketplace Basement Nft Herb Garden

The purpose of OpenSea was to provide a platform/marketplace for artists to upload commissions with no additional costs. It also has additional functions which allow you to market your artwork without any difficulties.

In terms of registration, you don’t need to give all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.

OpenSea: Blockchain

The most widely-used 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 operates with the Polygon blockchain, which allows for the lowest cost and speediest trading.

With these two types of blockchains you can pick which one you’d like to transfer your NFT to as a seller. This is to ensure the security of your NFT as well as the people who want to buy it. Every transaction will be conducted using this blockchain, which is why you need to think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can become a seller, but it takes time for anyone to be an established seller.

There’s a huge selection in the collection of NFTs available at OpenSea, and you can join in with that! You can start your own marketplace on this site, as well as find NFTs you want to purchase for yourself.

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What is an NFT?

In a recent advancement for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials have heard of it but not exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.

One of the newest things you can buy can be an NFT. An NFT is a non-fungible token that is very unique and can’t be changed. It could be an item of any rareness, such as authentic baseball cards, or a uncommon vinyl record.

There is no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. It is simpler to just imagine as an NFT as a digital item which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you posted to market, as you’re putting it up for sale. Typically, this is official once you fill out the proper information regarding the NFT and finally upload it to the marketplace.

On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and create a collection! Input the appropriate and complete information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain or payment tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.

It is possible to wait and see the way transactions are handled from now to see whether OpenSea is the best marketplace for you.

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What NFTs can you find here?

So, at this point you’re probably asking yourself what kind of NFTs be found here and what kind of NFTs you can sell should you decide to pursue that route. The type of NFT it can be is indefinite since there’s a broad range of options for how to do it.

You can be selling 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

This Collection Manager feature is what separates OpenSea from the other options. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you won’t have to spend on any additional charges.

There aren’t many NFT marketplaces have this feature, which is why this is a great way to earn a high return from your collection.

Referral Program

The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which allows you to earn more money by this method.

Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.

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Mobile Application

There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell anything while you browse through the listing.

OpenSea’s mobile apps are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re interested in while on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are available for you to use to exchange your fiat money for cryptocurrency on these platforms. Basement Nft Herb Garden

You can exchange the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:

  • Binance
  • CoinBase
  • CoinMama
  • Kraken
  • Bittrex, and other things!

All of them have the option of exchange for ETH which is the most common cryptocurrency payment option in OpenSea.

Crypto Wallets

While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built around the ETH blockchain, all wallets which are part of the same network are suitable for this website.

Here’s a list various crypto wallets that you can use in OpenSea:

  • WalletConnect
  • Coinbase
  • TrustWallet
  • OperaTouch
  • Bitski
  • Authereum and many more!

Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage and the ability to purchase cryptocurrency using a credit card. Basement Nft Herb Garden

To know more about it, you can check their FAQs to see a rundown of how you can begin and what other crypto wallets work with OpenSea.

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Pros and Cons of OpenSea

Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:

Pros

  • Available as mobile apps that are compatible with iOS as well as Android.
  • Smart contracts are utilized for transactions.
  • High-level security with the support of blockchain.
  • Best for beginners in the crypto industry and NFTs.

Cons

  • Allows royalties of only up to 10% for artists (low royalty rates).
  • Cannot buy or sell through our mobile apps.
  • Only supports cryptocurrency as its form of payment.
  • A Crypto wallet is required to use this marketplace.

Pricing

OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no extra charge for it.

Frequently Asked Questions Basement Nft Herb Garden

What is OpenSea?

OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using it to sell NFTs due to its low cost of gas and low commission fee rate that you have to pay.

You can shop and browse an array of digital items on the NFT marketplace and you must check it out!

Is OpenSea legit & safe?

Answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in 2018. Since its system is built on blockchain technology and is secured, it is safe to claim that your transactions are protected and secured.

Additionally as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned on your account or any collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the contents to ensure users are secure.

How do I earn royalties from OpenSea?

As an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison with others NFT marketplaces.

What is the most popular cryptocurrency offered in OpenSea?

Ethereum (ETH) is widely used on this site and many others to accommodate more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the core cryptocurrencies you can utilize to use OpenSea.

How do I pay for OpenSea? What are my payment methods for OpenSea?

OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.

Does OpenSea have a desktop/mobile application?

As we mentioned earlier, there is definitely an official mobile application from OpenSea that is available for iOS or 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 that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts as well as receive notifications about updates to your account from the desktop.

You can also easily access the website from the browser by going to their official website (https://opensea.io/).

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